Goals, Objectives, Strategies and Results

Ministry Goals and their Linkage to the
Five Great Goals for a Golden Decade

The Ministry of Economic Development is involved in achieving all of the five great goals for a Golden Decade, but most specifically, will directly support the goals of making British Columbia the best educated, most literate jurisdiction on the continent, and on creating more jobs per capita than anywhere else in Canada.

The Ministry will contribute towards the goal of making British Columbia the best educated, most literate jurisdiction on the continent by identifying British Columbia's labour market shortages and building skills capacity that will improve the province's ability to compete in the national and international marketplace.

The Ministry will contribute towards the goal for creating more jobs per capita than anywhere else in Canada by facilitating economic growth throughout the province, maximizing federal/provincial funding for our regional economy and creating economic and social development opportunities before, during and after the 2010 Olympic and Paralympic Winter Games.

The Ministry's efforts in promoting economic growth, creating jobs, generating revenues, increasing trade and attracting investment, will directly support the remaining three great goals so that British Columbia will lead North America in healthy living, build the best support system in Canada for persons with disabilities, special needs, children at risk and seniors, and lead the world in sustainable environmental management.

Ministry Performance Plan Summary

The following table, found on the next page, summarizes the Ministry's goals, objectives and performance measures and ties them to the government's strategic goals.

Performance Plan

This goal focuses on enhancing British Columbia's business climate by developing strategies to improve the province's relative competitiveness in key areas.

Increasing the amount of venture capital available to British Columbia companies enables them to grow and compete in fields requiring intensive research and development.

Key strategies include: issuing venture capital tax credits to resident investors who invest in registered venture capital funds, increasing British Columbia's national share of venture capital holdings from five per cent to ten per cent by 2006, and promoting tax credits issued to resident investors under legislated programs that may lever up to $152 million of private capital for annual investment in a diversity of businesses by 2006.

Performance Measures:

Venture Capital Fund Registrations: To contribute to a strong and vibrant venture capital marketplace, competition can be developed by registering additional Labour-Sponsored Investment Funds ("LSIF") and Venture Capital Corporations ("VCC"). Last year, four VCC funds were registered under Ministry programs offering more choice for investors and small businesses seeking capital. The Ministry will continue to register more funds using a prudent and measured approach.

Venture Capital holdings in British Columbia: The Premier made a commitment to triple the supply of venture capital in the province by the year 2006. In the past year, British Columbia's venture capital holdings increased to eight per cent of national venture capital holdings. It is essential that this trend continue without undue reliance on government incentives to ensure that innovative small businesses continue to have access to capital and to attract investment capital from outside of the province.

Private capital raised and businesses financed: The key to our future and economy rests largely on our ability to commercialize innovation developed by small business. British Columbia has recognized there is a financing gap between the amount of research and development expenditures each year in the province when compared to the amount of early stage capital needed to commercialize technology. In 2003, the Ministry introduced legislation to help early stage small businesses raise capital directly from qualified investors. The changes have been a success leading to a six-fold increase in program registration and investment. The Ministry will continue to promote the program and evaluate other capital models that will contribute to commercializing innovation.

This objective focuses on improving the province's business competitiveness.

Key strategies include: establishing competitiveness indicators to assess British Columbia's performance, reviewing the tax climate and proposing appropriate changes and the Competition Council.

Performance Measures:

Competitiveness indicators: The attractiveness of a jurisdiction's investment climate is important in generating economic development. Therefore it is fundamental to assess British Columbia's competitiveness against other jurisdictions. Investment is more likely to flow to those jurisdictions where policies are more favourable in terms of taxation, regulations, skills and infrastructure.

Tax Proposals: British Columbia's tax policies are a fundamental influence on the competitiveness of its investment climate compared to other jurisdictions. By continually reviewing the current tax climate and proposing appropriate changes to the tax regime (while at the same time meeting fiscal objectives including a balanced provincial budget), the competitiveness of the province as a place to do business and create jobs can be fully developed.

Competition Council Established and Supported: The Competition Council will liaise with industry and government and undertake research to provide recommendations on improvements to British Columbia's competitiveness. By establishing and supporting the implementation of recommendations made by the Council, the province will become a more competitive location for business and investment.

This goal focuses on strategic marketing and promotion to distinguish British Columbia from its competitors and to communicate the province's advantages and opportunities to potential visitors and investors alike.

This objective is aimed at marketing and promoting the province's advantages and opportunities in order to increase trade and investment. In addition, the Ministry will organize the Premier's and Ministers' trade and investment missions abroad, as well as in-coming trade delegations visiting British Columbia. The Ministry will also focus on facilitating capital investment projects, particularly in the regions.

Key strategies include: supporting the Asia Pacific Trade Council, facilitating inbound investment into high-growth, high-opportunity sectors, arranging trade missions and provincial participation in key international events, and developing marketing and promotional strategies to promote awareness of competitive advantages and opportunities throughout the province.

Performance Measures:

Asia Pacific Trade Council established and supported: By establishing and supporting the Council, all British Columbians will benefit from opportunities arising from our growing relationship with, and proximity to, the Asia Pacific.

Total number of new inbound investment projects: Inbound investment projects contribute to job creation, capital investment, productivity growth, and innovation, which in turn supports economic growth. For example, in 2003/04 the Ministry was involved in attracting a $15 million call centre creating 600 jobs (capital investment per job: $25,000), and a $10 million food-processing plant creating 100 jobs (capital investment per job: $100,000).

Number of trade missions and key events promoting British Columbia: Outbound business missions are designed to promote British Columbia capabilities and opportunities in targeted international markets. The focus of international missions is the business community. The Premier and/or Minister(s) will lead these initiatives as appropriate to the specific mission.

Number of customized information packages provided in response to qualified investor enquiries: These packages document the specific competitive advantages for locating qualified potential investment projects in British Columbia.

This objective focuses on strategies to ensure immigration brings benefits to British Columbia communities, both economically and socially. By promoting business, employment and education opportunities, British Columbia will continue to be a choice destination for immigrants.

Key strategies include: an increased utilization of the province's existing economic immigration programs and implementation of a strategy to increase the recognition and utilization of individuals with international qualifications to address skill shortages. This includes expedited entry of skilled immigrants into the British Columbia economy and increased investment by business immigrants committed to investing and doing business in the province.

Performance Measures

Provincial Nominee Program: This program is designed to increase the economic benefits of immigration to the province by selecting immigrants based on their ability to contribute to the economy. A number of measures are identified to gauge the success of the PNP, which works to enhance the benefits of immigration throughout the province. These measures include the number of skilled immigrants in skill shortage jobs, the distribution of these immigrants to rural areas, the financial investment generated and the number of new jobs created.

Skills Connect for Immigrants Program: This program involves career assessment, planning and employment bridging services targeted at foreign professionals, trade persons and other highly skilled workers seeking entry into the British Columbia labour market. Success of the program is measured by the percentage of skilled immigrants surveyed who report securing employment through an expedited assessment, planning and employment-bridging process and the percentage of employers who report an increased utilization of internationally qualified persons to meet skill shortages.

This goal focuses on fostering economic growth and diversification in all regions and sectors of the province.

This objective focuses on increasing the number of businesses in British Columbia and the number of people employed in those businesses. The Ministry will provide assistance to local governments for infrastructure development to support the growth of local businesses. The Ministry will also pilot regional alliances with local governments and the private sector to support growth and diversification within the provincial economy.

Key strategies include: assisting local governments and private investors in pursuing their economic development initiatives, assisting local governments with infrastructure development; piloting regional alliances with local government and the private sector; ensuring government policy, regulations and service delivery frameworks support small business success; developing and implementing regional initiative trusts; developing and administering the Olympic/Paralympic Live Sites Program; and, implementing strategies to promote British Columbia and achieve increases in economic growth and prosperity.

Performance Measures:

Lead the Development of the Province's Economic Strategy: A comprehensive economic strategy will be developed that summarizes key actions to be taken by government to support a growing and diversified provincial economy. The Ministry will lead the cross-government development of this plan and ensure Ministries are accountable for the delivery of their respective responsibilities outlined in the plan.

Develop and implement regional initiative trusts: Regional initiative trusts will ensure that the BC Rail-CN Rail Investment Partnership generates economic benefits throughout Northern British Columbia, the North Island-Coast and the Southern Interior of British Columbia.

Performance Measures	2004/05 Actual/Base	2005/06 Target	2006/07 Target	2007/08 Target
Lead Development of Province's Economic Strategy.	Economic initiatives in place.	Develop strategic overview.	Finalize strategy and begin implementation.	Implementation.
Facilitate implementation of regional initiative trusts.		3 developed and implemented.	Support activities.	Support activities.

This objective focuses on maximizing British Columbia's share of federal funding under the Canada/British Columbia Infrastructure Program and the Western Economic Partnership Agreement and efficiently distributing contributions to support business and infrastructure development, particularly in regional communities.

Key strategies include: funding infrastructure projects through the Canada/British Columbia Infrastructure Program, negotiating a Municipal Rural Infrastructure Fund agreement with the federal government and municipalities and funding economic development initiatives that recognize sectoral regional needs through the Western Economic Partnership Agreement.

Performance Measures:

Canada/British Columbia Infrastructure Program project funding: Provides funding to local governments and non-governmental organizations for local infrastructure programs.

Western Economic Partnership Agreement project funding: This measure reflects the Ministry's continuing efforts to fund initiatives that further develop British Columbia's small and medium-sized business sector and support economic and technological innovation for a more competitive business environment.

This objective focuses on working with partners and stakeholders to identify areas of critical skills shortages and identify tactics to build skills capacity. Businesses having access to the right skills at the right time will improve British Columbia's ability to compete in the national and international economies.

Key strategies include: developing a new labour market policy and strategy, supporting the activities of the Industry Training Authority to ensure that apprenticeships and programs aimed at high school students, aboriginals and immigrants are building skills that meet labour market demands, and leading the development of a National Training Strategy.

Performance Measures:

Industry Training Authority Apprenticeships Trained: The Ministry provides funding to the Industry Training Authority (ITA), which oversees the industry training system in British Columbia. The ITA works with industry and the post-secondary education system to provide training programs that are responsive to the needs of British Columbia's economy.

Critical Skills Shortages Identified and Addressed: A provincial labour market policy and strategy will identify critical skills shortages and the tactics necessary to build necessary skills.

National Training Strategy Developed: Lead the development of a National Training Strategy to ensure that Canada has a coordinated, national approach to identifying and addressing critical skills shortages and industry needs.

Performance Measures	2004/05 Actual/Base	2005/06 Target	2006/07 Target	2007/08 Target
Industry Training Authority.1	1. Baseline data for 2003/04: 14,676 registered trainees in recognized and accredited industry training programs.2	24,000	30,000	Based on forecast industry need.
	2. Trainee /apprentice, employer/sponsor and industry association satisfaction improvement - 62.3	Improve (target to be established in October 2005).	Improve (target to be established in October 2005).	Improve (target to be established in October 2005).
Critical skills shortages identified and addressed.		Develop labour market policy and strategy.	Implement strategy.	Implement strategy.
National Training Strategy developed	N/A	Develop strategic overview.	Present strategy to the Council of the Federation to gain support.	Begin implementing strategy.

This goal focuses on maximizing the economic and social benefits to British Columbia while minimizing potential risks of hosting the Vancouver 2010 Olympic and Paralympic Winter Games.

The Secretariat's primary role is to provide the strategic leadership, coordination and oversight to ensure the province meets its financial, infrastructure and service commitments for the 2010 Games. The Secretariat also has a key role in ensuring that the social, economic and environmental opportunities associated with hosting an Olympic event are identified early and realized before, during and after the 2010 Games and evolves into enduring legacies for communities and businesses around the province.

Key strategies include: maximizing the potential economic benefits of hosting the Vancouver 2010 Olympic and Paralympic Winter Games and maximizing participation, equity, inclusiveness and accessibility for all British Columbians before, during and after the Olympics.

Performance Measures:

The Vancouver 2010 Olympic and Paralympic Winter Games are delivered on time and within approved budget: Operating within standard provincial accounting and financial management practices, the 2010 Olympic and Paralympic Winter Games Secretariat is the primary provincial organization responsible for ensuring British Columbia's investment in the Vancouver 2010 Olympic and Paralympic Winter Games results in an event that is on time and within the approved budget.

Procurement opportunities posted via a web-based information system: This measure reflects the Ministry's contributions to business and sport development by ensuring that businesses have access to the information required to take advantage of procurement opportunities from the Vancouver 2010 Olympic and Paralympic Winter Games.

Business participation in Olympic business opportunities: The Ministry has developed a 2010 Commerce Centre where British Columbian and Canadian businesses will be able to register and receive directed information on business opportunities arising as a result of the Vancouver 2010 Olympic and Paralympic Winter Games.