Alberta needs bold vision like never before. That is why our Government recently launched our Alberta Economic Recovery Plan.
Now that the worst of COVID-19 is seemingly behind us, it is critical that we take a confident and optimistic step forward into our future as a province. We have been through a lot lately, not just in the last 5 months but over the last five years. Our province was led at the whims of anti-resource development governments who legislated poor business policies and stood in the way of our prosperity. We sustained international coordinated attacks on our primary industry, and then, just as recovery seemed to be on the horizon, we were hit with the collapse of the entire global economy as a result of an unforeseen health pandemic. Alberta needs bold leadership now more than ever.
The plan we unveiled is just that: a bold and aggressive strategy to get Albertans back to work, to stimulate our economy, diversify into new and emerging sectors and capitalize on our province’s best natural resource – our people.
This Economic Recovery plan accelerated the reduction in Alberta’s business tax rate and immediately lowered it to the lowest in all of Canada and 44 US States. This broad, sweeping tax reduction that transcends industry lines will ensure we are the single most competitive jurisdiction for private sector investment in most of North America, incentivizing businesses from every sector to move their headquarters to Alberta and hire Albertans. For businesses not yet profitable enough to benefit from this business tax reduction, our Economic Recovery Plan introduces a complement Innovation Employment Grant which will target small and pre-income companies to help them invest in Alberta-based R&D and grow their businesses right here in Alberta. In addition, our Economic Recovery Plan establishes Invest Alberta, a new investment promotion agency that will focus a dedicated effort on promoting Alberta as a business destination with low taxes, clear regulations, a young and talented workforce, and a high quality of living to companies currently located in other international markets and operating in high growth sectors such as tech, finance, aviation and aerospace logistics, agriculture and forestry.
Our Economic Recovery Plan also includes the largest ever infrastructure investment in Alberta’s history at $10 million. This investment will immediately create 32,000 Albertan jobs and advance the construction of critical, economy-growing road and bridge improvements, water and wastewater projects, and municipal upgrades.
According to the Munk School of Global Affairs and Public Policy who has been tracking post-COVID-19 progress of various jurisdictions all across North America, Alberta has already reopened more of our economy and society than every other province and territory in Canada, and most of the United States. Our government acknowledges that the best support we can give families and small businesses at this time is the endorsement to resume work and restart operations, and our Alberta Economic Recovery Plan is in line with that philosophy.
Reigniting our economy is more important now than ever. With nearly 40 Bills passed in this Spring sitting of the Legislature, our government is proving that we are tirelessly and relentlessly committed to building a stronger, more prosperous and self- reliant future for Alberta – no matter how much work it takes.
The full economic recovery plan can be found at: www.alberta.ca/recovery-plan.aspx