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Goals, Objectives, Strategies and Results — Continued
Goal 1: Improving our competitive position in the national
and international economy.
This goal focuses on enhancing British Columbia's business climate
by developing strategies to improve the province's relative competitiveness
in key areas.
- Core Business Area:
- Improving British Columbia's Investment Climate and Competitiveness.
- Objective 1.1:
- Improve British Columbia's economic performance and diversification.
The Ministry's strategies to improve economic performance and diversification
are aimed at increasing the amount of venture capital available
to small and medium sized businesses, thereby enabling businesses
to grow, expand and diversify. In addition, the Ministry will continue
efforts to repeal outdated and obsolete legislation and regulations
to make it easier and more efficient to raise capital, invest and
do business in British Columbia.
| Performance Measures |
2003/04
Actual/Base |
2004/05
Target |
2005/06
Target |
2006/07
Target |
| Venture Capital Fund Registrations. |
4 funds registered |
6 funds registered |
8 funds registered |
10 funds registered |
| Venture Capital holdings in British Columbia. |
$1.3 billion (6% of national holdings) |
$1.8 billion (8% of national holdings) |
$2.2 billion (10% of national holdings) |
$2.4 billion (10% of national holdings) |
| Private capital raised and businesses financed. |
$137 million
95 businesses
|
$143 million
110 businesses
|
$152 million
120 businesses
|
$158 million
125 businesses
|
| Ministry regulatory requirements. |
32% net cumulative reduction. |
36% net cumulative reduction. |
04/05 results maintained. |
Ministry regulations developed according to regulatory reform
criteria. |
- Strategies:
- 1. British Columbia's share of venture capital —
through issuing tax credits to resident investors who invest in
registered venture capital funds, increase British Columbia's
national share of venture capital holdings from 5 per cent to
10 per cent by 2006.
- 2. Tax credit leverage — the tax credits issued
to resident investors under legislated programs may lever up to
$152 million of private capital for annual 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within the Ministry by 2004/05 by eliminating outdated or obsolete
legislation and regulations, thereby improving British Columbia's
competitiveness. Once the deregulation target is achieved all
ministries are required to control the regulatory burden by moving
towards a regulatory regime that is accountable, results-based
and transparent.
- Objective 1.2:
- Improve British Columbia's competitiveness as a place to
live, invest and do business.
This objective focuses on improving the province's business competitiveness.
Strategies are aimed at repealing outdated and obsolete legislation
and regulations, as well as assessing and promoting options for
enhancing British Columbia's tax competitiveness.
| Performance Measures |
2003/04
Actual/Base |
2004/05
Target |
2005/06
Target |
2006/07
Target |
| Competitiveness. |
Identify 15 key competitiveness indicators and develop recommendations. |
Develop base data on competitiveness levels for each indicator. |
Improve over previous year. |
Improve over previous year. |
| Tax proposals. |
Update analysis and develop revised options. |
Evaluate new tax measures and develop recommendations for
presentation to Minister by October 31, 2004. |
Update analysis and develop revised options by October 31,
2005. |
Evaluate new tax measures and develop recommendations for
presentation to Minister by October 31, 2006. |
| Government-wide regulatory requirements. |
22% net cumulative reduction. |
33% net cumulative reduction. |
04/05 results maintained. |
All Ministry and agency regulations developed according
to regulatory reform criteria. |
| Impact of "Smart" regulation design and enforcement on competitiveness. |
Develop base indicators of competitiveness for "smart" regulations. |
100% of ministries have developed or implemented results-based
regulations. |
100% of key sectors surveyed report improved competitiveness
through deregulation. |
100% of key sectors surveyed report improved competitiveness
through deregulation. |
- Strategies:
- 1. Economic Competitiveness — complete analysis
and develop strategy, options, performance measures and targets
to improve British Columbia's competitiveness and investment growth.
- 2. Tax competitiveness — analyze, evaluate and
prioritize options for improving British Columbia's tax competitiveness.
- 3. Reduce the regulatory burden across government
— reduce the regulatory burden by one-third within three
years, by eliminating outdated and obsolete legislation and regulations.
- Once the deregulation target is achieved ministries and agencies
are expected to control the regulatory burden by moving towards
a regulatory regime that is accountable, results-based and transparent.
- 4. Cross government smart regulation and enforcement
— continuous improvement in regulatory quality, competitiveness
and accountability through the government regulatory policy, including
regulatory reform criteria and shift to results-based regulations.
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