Performance Planning — Continued

Goal 1: Improving our competitive position in the national and
international economy.

Objective 1.1 Improve British Columbia's economic performance and diversification

Strategies:

1. British Columbia's share of venture capital — increase British Columbia's national share of venture capital holdings from 5 per cent to 10 per cent by 2006.

2. Tax credit leverage — lever up to $152 million of private capital for investment in a diversity of businesses, including technology, tourism and value-added sectors by 2006.

3. Deregulation — reduce the regulatory burden within the Ministry by at least one-third by 2004/05 to improve British Columbia's competitiveness.

Measure	2002/03 Base	2003/04 Target	2004/05 Target	2005/06 Target
Venture Capital Fund Registrations	2 funds registered	4 funds registered	6 funds registered	8 funds registered
Venture Capital holdings in British Columbia	$1.1 billion	$1.3 billion (6 per cent of national holdings)	$1.8 billion (8 per cent of national holdings)	$2.2 billion (10 per cent of national holdings)
Private capital raised and businesses financed	$74 million 84 businesses	$137 million 95 businesses	$143 million 110 businesses	$152 million 120 businesses
Ministry regulatory requirements	30.9 per cent net reduction	32 per cent net cumulative reduction	36 per cent net cumulative reduction	04/05 results maintained

 

Objective 1.2 Improve British Columbia's competitiveness as a place to live, visit, invest and do business with

Strategies:

1. Reduce the regulatory burden across government — reduce the regulatory burden by one-third within three years.

2. Tax competitiveness — analyze, evaluate and prioritize options for improving British Columbia's tax competitiveness.

3. Economic Competitiveness Indicators — complete analysis and develop strategy, options, performance measures and targets to improve British Columbia's competitiveness and investment growth.

4. Complete SWOT and trend analysis — complete SWOT analysis and trend analysis for all key sectors.

Measure	2002/03 Base	2003/04 Target	2004/05 Target	2005/06 Target
Government-wide regulatory requirements	13 per cent net reduction	22 per cent net cumulative reduction	33 per cent net cumulative reduction	04/05 results maintained
Tax proposals	Analyze 8 key tax measures and develop options for implementation	Update analysis and develop revised options	Evaluate new tax measures and develop recommendations	Update analysis and develop revised options
Competitiveness indicators	None — new measure	Identify 15 key competitiveness indicators and develop recommendations	Update indicators to reflect changes in other jurisdictions and develop recommendations	Update indicators to reflect changes in other jurisdictions and develop recommendations
Completed SWOT and trend analysis	None — new measure	Complete SWOT for: • 15 sectors • economic development regions • provincial level	Sector SWOTs provided to the Ministries of Forests, Energy and Mines, Agriculture, Fisheries and Food, and Transportation, for use in the deployment of sector specific strategies	Complete update report on key sector changes, issues and challenges