Chamber Gives Federal Budget Passing Grade

NANAIMO – March 23, 2017

CHAMBER GIVES FEDERAL BUDGET PASSING GRADE

 

Chambers of Commerce across Canada gave the federal budget a C+ grading at best, as did the Greater Nanaimo Chamber of Commerce, citing efforts of the Liberal government to limit deficit growth this year with less robust spending.

“Highlighted items include benefits to Ports from the National Trade Corridors Fund, a billion dollar commitment to high tech development, and the easing of inter-provincial trade restrictions on beer, wine and spirits. These all have a potential for positive impact on Nanaimo and the mid-Island,” according to Kim Smythe, President & CEO of the Nanaimo Chamber of Commerce.

The 2017 Budget also included extension of additional funding for Destination Canada, promoting Canadian tourist destinations internationally, and a growing investment in clean technology. “Tourism support is vital to continued growth of that sector locally. Any growth in tech development support is considered a benefit to Nanaimo’s economy as the fourth fastest-growing tech economy in BC. Combining business assistance, support and funding programs into a single source under an “Innovation” banner could also bring benefits to local entrepreneurs, start-ups and business developers”.

According to Canadian Chamber CEO Perrin Beatty, “We need concrete steps to make it easier for companies and individuals to transform ideas into commodities and services. In turn, these new businesses will support more high-tech jobs and foster further innovation. Canada needs to become an innovation leader to make sure new technologies and new jobs are created here, not in Silicon Valley.”

 

Smythe continued, “The Provincial government has been balancing budgets and investing in a more diversified economy – and this means they can now roll out bolder investments and a competitive tax structure that gives businesses the choice to invest and hire more British Columbians. As the federal government begins to rein in spending, some of these benefits may accrue over time on the federal front.”

 

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For more information:

KIM SMYTHE: 250-756-1191

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