Highlights of the Year

The Ministry of Small Business and Economic Development continued to contribute toward building a strong economy and business climate in B.C. through 2004/05. As the province recovered from the impacts of SARS, forest fires and avian flu crises in prior years, the economy continued to grow. In fact, according to Statistics Canada, B.C. experienced a 3.9 per cent growth in gross domestic product (a key economic indicator) in 2004, well above the 2.8 per cent national average and second highest in Canada after the Northwest Territories. Consumer spending in B.C. was also up 4.1 per cent.

Ministry's achievements for each core business areas in 2004/05 included:

Improving British Columbia's Business Investment Climate

• Worked with Ministry of Finance to amend legislation to facilitate investment and expand B.C.'s status as an international financial centre. The legislation now allows for a broader range of activities, it is no longer restricted to financial institutions or to establishments operating in Greater Vancouver. Introduced a new securities regulatory framework. When complete, the new framework will improve investor protection and make it easier for businesses to raise capital.
• Streamlined the Small Business Venture Capital Act to increase the availability of venture capital, to support new investment and provide more seed capital for startup businesses in British Columbia.
• Released the 2004 Major Projects Inventory lists. A total of $62 billion in projects are planned or underway in B.C. as of December 2004. This is up more than 40 per cent from $44 billion just 12 months earlier.
• As part of its ongoing commitment to reduce red tape, between June and December 2004 government eliminated 1,112 regulations. This is in addition to the 237,604 regulations eliminated between June 2001 and June 2004.
• On April 1, 2004, the ministry launched the Motor Dealer Council of British Columbia (MDC), a non-profit organization delegated by the provincial government to administer and enforce the Motor Dealer Act and its regulations. The MDC is one of the first examples in B.C. of the government's new approach for administering public policy through a "delegated administrative authority."
• Continued to lead efforts to press other Canadian jurisdictions to eliminate barriers to trade, investment and labour mobility.
• Continued to work closely with Alberta on developing a Bilateral Agreement on trade, investment and labour mobility to further establish B.C. and Alberta as Canada's most competitive and dynamic provinces.
• Successfully teamed with Alberta to conclude dispute resolution proceedings resulting in the removal of trade and investment barriers in other jurisdictions.
• Developed provincial positions and championed British Columbia priorities and interests in international trade. In doing this, the government was able to influence the Canadian government's international trade negotiation positions (e.g., World Trade Organization), particularly in areas of provincial jurisdiction (e.g., trade in services).
• Received agreement by the federal government, and all provinces and territories, to open up their Crown corporations' procurement to national competition.
• Successfully challenged Ontario regulations that prevented the sale of British Columbia produced dairy blends and substitutes.
• Successfully challenged federal "cost of credit" disclosure rules, to level the playing field for banks and credit unions.
• Achieved greater federal government focus on the need to improve trade and investment relations with Asia Pacific economies.

Enhancing Economic Development

• Under the joint Canada-B.C. Infrastructure Program, approved $45 million in funding for 40 community infrastructure projects across British Columbia. Since the program's inception, the federal/provincial governments contributed over $531 million towards 312 green and community projects involving total eligible costs of more than $900 million.
• Developed and delivered the provincial Community Development Initiative, which contributed $66 million towards 68 community infrastructure projects throughout the province.
• In partnership with the federal government under the Western Economic Partnership Agreement (WEPA), the Province reviewed and approved over $19.3 million for more than 40 projects that contribute to regional or sectoral economic development.
• Developed and released a comprehensive Ports Strategy, designed to chart the growth of B.C.'s ports and transportation network allowing the province to capitalize on emerging opportunities in Asian markets.
• Worked with Ministry of Finance to develop a proposal to increase film production tax credits to keep B.C.'s industry competitive with other jurisdictions.
• Released provincial film strategy "Continuing Success in the British Columbia Film Industry" and established the Film Advisory Committee to advise government on policies to strengthen B.C.'s film and TV industry.
• Launched a review of the provincial government's policy of funding regional film commissions.
• Developed a provincial position, in conjunction with industry, on air transportation policy recommendations for liberalizing domestic, trans-border services and international air services, improving airport governance, lowering airport rents and improving the viability of small airports.
• Negotiated a protocol agreement with the Yukon government on Tourism and Sport Development.
• Worked with Ministry of Community, Aboriginal and Women's Services to publish "Starting your Business: a Guide to Resources for B.C. Women."
• Developed "Starting a Small Business in British Columbia" guide and the "British Columbia Exporting and Importing Info-guide." Developed and posted to the Web the "Small Business Check-Up Tool" to assist business managers and owners to develop action plans to improve their business operations.
• Provided $250,000 in new funding to Small Business B.C. to help expand service outreach throughout the province.
• Developed and released a provincial tourism development strategy with the goal of maximizing tourism investment throughout the province.
• Committed $4.2 million towards the development of the Spirit of 2010 Trail, a trail network that will link 18 B.C. communities through converted recreational rail corridors.
• Invested $71.3 million in the expansion of the Vancouver Convention and Exhibition Centre.
• Placed staff and resources in the regions of the province to support economic growth and diversification.
• Completed the British Columbia Resort Strategy and Action Plan to expedite growth and expansion in the B.C. resort sector.
• Provided $100,000 to help finance a province-wide awareness campaign to educate British Columbians about the benefits of careers in the tourism industry, through go2.
• Provided $295,000 to Aboriginal Tourism BC to assist in the implementation of a provincial aboriginal tourism strategy.
• Provided $300,000 towards a design and engineering project for the proposed Campbell River Cruise Ship terminal.
• Provided $1 million towards the Prince Rupert Cruise terminal upgrades.
• Encouraged the federal government to open negotiations with China to gain approved destination status with China.
• With the Ministry of Advanced Education, established the Tourism and Hospitality Education and Training Consortium to foster innovation and co-operation between industry, government and post-secondary schools for tourism and hospitality training.
• Established the Cowichan Marine Tourism Authority to provide leadership for sector development in the Cowichan area.

Marketing and Promoting British Columbia

• Developed the Trade and Investment strategy, to guide B.C.'s international marketing activities and increase awareness of B.C. as an investment location and trade partner.
• Merged the Advanced System Institute and Science Council to create the B.C. Innovation Council, which centralizes government's technology development and commercialization programs.
• The Premier and minister led a mission to BIO2004 in San Francisco, with 16 organizations from B.C. to showcase B.C.'s leadership in biotechnology and its extraordinary business climate for technology enterprise.
• Developed a new flagship investment promotion package "British Columbia Canada - Your Gateway to Opportunity."
• Increased venture capital in B.C. for investment by facilitating over 130 small businesses and venture capital corporations in raising $67 million through the small business venture capital program.
• Generated significant amounts of venture capital through B.C.'s two labour sponsored funds for investments in B.C. businesses totaling $34 million in 31 businesses.
• Elevated B.C.'s marketing efforts across the Pacific through a $4 million partnership with the Asia Pacific Foundation of Canada in support of B.C.'s Gateway Initiative.
• Enhanced the profile of B.C. Exporters by partnering with the private sector to present the "2004 Export Awards" which recognized the province's top 21 exporters.
• Doubled the annual marketing budget for Tourism BC to $50 million starting in 2005/2006 and provided the Union of B.C. Municipalities with a one-time grant of $25 million for a five-year tourism marketing plan.
• Provided $12 million for regional tourism promotion ($2 million for each of the six regional destination marketing organizations) and an additional $2 million for a new Gateway Visitor Centre in Osoyoos.
• Committed $110,000 towards a $290,000 marketing and promotion project with Cruise BC.
• Provided Conventions BC with $35,000 to help promote B.C.'s five major convention centres (Victoria, Vancouver, Whistler, Penticton and Prince George) worldwide.

B.C. Olympic Games Secretariat

• Completed an integrated business plan to maximize the return on investment that B.C. is making to the 2010 Winter Games.
• Launched the 2010 Commerce Centre website, a one-stop shop for B.C. businesses to learn about Olympic opportunities and how to capitalize on those opportunities.
• Announced the establishment of B.C./Canada House in Torino, Italy, to showcase B.C.'s business, tourism and cultural opportunities during the 2006 Olympic and Paralympic Winter Games.
• Established the $25 million Arts Renaissance Fund, an endowment to strengthen and secure the long-term future of the arts and culture sector across B.C. It will be administered through the Vancouver Foundation.
• Committed to a $20 million Spirit of B.C. arts fund¹, an endowment designed to support arts and cultural activity leading to the 2010 Winter Games.
• Committed $3 million of the $20 million Olympic/Paralympic Live Sites Program fund towards the development of community Olympic event viewing venues and projects that leave a lasting Olympic legacy within the community.
• Provided $30 million in funding for the Richmond Speed Skating Oval, an Olympic venue.
• Sponsored the 2005 Men's World Cup Curling Championship in Victoria, and the World Snowboarding Championships at Whistler. Both events were an opportunity to showcase B.C.'s ability to host world-calibre events in preparation for the 2010 Winter Games.
• Provided $15 million to 2010 LegaciesNow to enhance sport development programs and support young B.C. athletes and coaches on the road to the 2010 Winter Games.
• Committed $10 million to the Canadian Olympic Committee's Own the Podium program for Canada's Olympic and Paralympic Athletes. Own the Podium focuses on identifying and training potential elite level athletes and on developing the technology and training resources to help them achieve their potential.