Goal 2: Increasing economic development throughout British Columbia, particularly in the Heartlands.

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

Core Business 2: Enhancing economic development throughout British Columbia

Objective 2.1: Facilitate economic growth throughout the province

Strategies:

1. Small business sector strategy — develop and implement a provincial strategy which increases the number of small business employees in the province and the value of small business exports.

2. Inbound investments — facilitate inbound investment into high-growth, high-opportunity sectors.

3. Fast-Track Projects — accelerate permits and approvals for approved capital investment projects through project fast-track.

4. Provincial Tourism and All-Seasons Resorts Strategies — implement strategies to promote British Columbia and achieve increases in tourism revenues.

Small Business Sector: British Columbia's economy grew by 2.2 per cent in 2003. The economy benefited from low interest rates and growth in business investment of 8.2 per cent, mainly due to a strong residential construction sector. Annual job growth grew by 2.5 per cent. This domestic activity is reflected in the growth achieved in the small business sector and the number employed by small businesses. In 2003/04, employment in the small business sector was 971,900 employees, 21,900 above the target. In addition, the number of small businesses was nearly 360,000, an increase of 14,600 above the target.

Inbound Investment Projects: British Columbia attracted three new call centres in 2003/04, in Burnaby, Prince George and Victoria. Although the number of projects attracted was less than anticipated, the total investment will exceed the target by approximately $5 million, and the number of jobs to be created when the centres are operating at full capacity will exceed the target by approximately 1,400.

Heartlands Capital Investment Projects: In 2003/04, the Ministry implemented a project fast-track process, where economically significant projects can apply for expedited provincial regulatory approvals. Applicants must demonstrate that they have a business plan and that the proposed project will create significant employment in the region. The process does not guarantee project approval, only that the proposed project is reviewed in an expedited process. Five projects have proceeded through the fast-track process: Mount Mackenzie ski area expansion near Revelstoke; Mount Baldy ski area expansion near Oliver; Greenwood slag heap reprocessing at Greenwood; Red Chris gold-copper mine near Iskut; and the Quatsino First Nation Island Copper project near Port Hardy.

Tourism Revenues: Tourism faced a difficult year with a number of factors impacting the number of visitors to the province. Tourism revenues fell short of target by $300 million due to the impact of SARS, "Mad Cow" disease, wildfires and a slow US economy impacting local and global tourism trends.

Objective 2.2: Maximize federal/provincial funding for our Heartlands

Core Business 2: Enhancing economic development throughout British Columbia

Strategies:

1. Canada/British Columbia Infrastructure Program — fund infrastructure projects that support economic development in the Heartlands.

2. Western Economic Partnership Agreement — negotiate new funding agreement for Economic Development Initiatives that recognize sectoral regional needs.

3. Funding for Regional Science Councils — fund science and innovation approaches for regional applications.

Canada/British Columbia Infrastructure Program: The federal, provincial and local governments are investing more than $800 million in British Columbia under the Canada/British Columbia Infrastructure Program. The agreement was officially signed on October 10, 2000. The federal, provincial and local governments are each contributing up to one-third of the total program funds.

The program was established to build the infrastructure necessary to support increased economic growth and improve the quality of life of all residents of British Columbia. The program provides funding for infrastructure projects for public use or benefit, that: enhance the quality of the environment; support long-term economic growth; improve community infrastructure; and build 21st century infrastructure through encouraging the use of best technologies, new approaches and best practices.

The commitment was made to fully commit the remaining program funds by the Spring of 2004; that commitment will be met. By March 31, 2004, 92 per cent of available program funds had been committed. The remaining eight per cent will be committed before the end of the Spring 2004.

Western Economic Partnership Agreement (WEPA): On December 4, 2003, the Governments of Canada and British Columbia jointly announced a $50-million dollar Canada-British Columbia Western Economic Partnership Agreement that focuses on increasing the competitiveness and productivity of British Columbia's economy. The federal and provincial governments will each contribute $25-million over the next four years to WEPA. The four priority areas for funding under the Agreement are: Tourism, Sustainable Communities, Entrepreneurship and Innovation. A WEPA Working Group with representation from both levels of government is working with provincial and federal ministries and agencies to identify potential WEPA projects.

Regional Science Councils Funding: The Regional Science Councils were established to help improve the regional economy in the Heartlands. Their mission is the economic revitalization of their region through encouraging innovation, science and technology initiatives. The Ministry provides funding on a yearly basis to the councils.

Objective 2.3: Advocate on behalf of small business

Core Business 2: Enhancing economic development throughout British Columbia

Strategies:

1. Canada/British Columbia Business Services Society — provide one-stop access to business information and tools for small business startup and expansion.

2. Small business participation in 2010 Olympic and Paralympic Winter Games — ensure small businesses are informed of opportunities leading up to the 2010 Olympic Games.

3. Initiate a smart regulation initiative specific to small businesses — ensure that government policy, legislative and service delivery frameworks support small business success, not impede it.

4. OneStop Business Registration — reduce government red-tape by providing effective and efficient business registration services for three levels of government.

5. Single Business Number — establish a common business identifier which reduces the time and complexity businesses encounter while reporting and remitting payments to three levels of government.

Canada/British Columbia Business Services Society (CBCBSS): The Society provides single-window, province-wide access to resources and services that support small business start-up and growth. Services are available to entrepreneurs in person, by telephone or e-mail and through an extensive array of internet-based services. Increased awareness of the Society's services and interest from British Columbia entrepreneurs resulted in the number of clients served exceeding the 2003/04 target.

Small Business Olympic Opportunities: Working closely with the Olympic Games Secretariat (OGS), the Ministry contributed input and advocated for the development of strategies that will ensure small business success and maximization of economic benefits leading up to, during, and after the 2010 Games. The development of the 2010 Commerce Centre business plan is a key output of effective collaborative work with the OGS.

Smart Business Regulation: This objective was modified and addressed as part of ongoing coordination with the British Columbia Deregulation Office, due to resource constraints and priority setting. Ministry staff work proactively to identify policies, practices, and regulations that create barriers to small business growth and prosperity, and create business-friendly solutions.

OneStop Business Services: Increasingly, e-business and e-government offerings are the service channel of choice for entrepreneurs and small businesses. The province-wide availability of accessible one-stop business services resulted in the number of clients served exceeding the 2003/04 target.

As part of government's coordination of service delivery initiatives, OneStop Business Services was transferred to the Corporate and Personal Property Registry Office within the Ministry of Finance effective April 1, 2004. Small Business staff continue to be involved in a strategic capacity, providing input and expertise on the needs of entrepreneurs and small business.

Single Business Number Project: The Single Business Number initiative is an innovative multi-partner project that allows British Columbia businesses to interact with multiple levels of government using one common business identifier, the federal Business Number. This saves small businesses significant time in administrative procedures and is a key part of government's commitment to reduce red tape. This multi-year initiative was completed on time and on budget, and ongoing operations have been transferred to the Ministry of Finance.