BC Chamber Celebrates TMX Approval— “It’s a Good Day for Canada.” But Cautions that Federal Government Must Focus on Realistic Policy to Attract Investment Moving Forward
VANCOUVER June 18, 2019– The BC Chamber of Commerce is pleased to see the approval of the Trans Mountain pipeline today—a project that is projected to inject $46.7 billion into the Canadian economy, and will provide much needed revenue to fund many of the social, health, and education services that British Columbians rely on.
“It’s a good day for Canada and BC,” says Val Litwin, President & CEO of the BC Chamber of Commerce. “British Columbia is projected to receive $5.7 billion in revenue from the project over the next 20 years—to the benefit of communities throughout BC, including First Nations and Indigenous communities. But ‘approved’ does not mean ‘built.’ We need to see a solid plan to complete the project, in order to realize these benefits and send the message to the world that BC is open for business.”
“Our city and region have strong economic ties to the Albertan economy, and the success of the Albertan economy has a significant impact on our local economy. Alberta’s ability to bring its resources to global markets is critical to its future economic success. We are optimistic that increasing Canada’s ability to bring resources to global markets will contribute not only to the future economic success of our neighbours in Alberta, but it will also have positive economic impacts for our city and region.” says Cranbrook Chamber President Jason Fast
In the BC Chamber of Commerce 2018 Collective Perspectives survey—which saw responses from some 900 members of the BC business community— 57% supported the Trans Mountain pipeline (with 21% neutral, 22% opposed.) Further, 78% of respondents wanted the government to prioritize attracting foreign investment.
“We are cautiously optimistic—hearing that shovels will be in the ground this season is a good sign. Further delays in the project’s completion could mean potential investors will simply take their money elsewhere,” Litwin says. “Our standard of living, and our commitment to addressing Indigenous reconciliation and climate action depends on restoring investor confidence in Canada and having access to international markets.”
“While some may view TMX as simply a ‘pipeline project’, we see opportunities for families, jobs, infrastructure, and the ability to bring marginalized communities into the fold of economic stability and prosperity so many of enjoy. Now, Canadians are relying on their government to build a predictable regulatory framework, which is in the national interest,” Litwin says.
The BC Chamber of Commerce is a proud founding partner in the Confidence In Canada coalition that last year mobilized over 140 local and national organizations, companies, and communities in support of the Trans Mountain Pipeline Project. This coalition continues to advocate for Canadians and Canadian businesses to ensure this country is an attractive place to invest, work, and raise families for generations to come.
The BC Chamber looks forward to seeing all levels of government working together to ensure construction commences this year.
– 30 –
For further details, please contact:
Director of Communications, BC Chamber of Commerce [email protected]