There is a hot spot in Canada's lacklustre economy — the North. The Conference Board says a global commodities boom is igniting a fire under Canada's three northern territories, forecasting they will be growth leaders over the next two years. Real gross domestic product will collectively top seven per cent in both 2012 and 2013, more than three times the national average.
Northwest Territories resident Andrew Silke’s short film, Amelia, will screen at the 65th Cannes International Film Festival in France. Everyone in the cast and crew is from the Northwest Territories and the production was filmed in the territory.
The Government of the Northwest Territories is keen for the oil and gas industry to examine the shale oil potential in its Central Mackenzie Valley region, which is home to Imperial Oil Ltd.’s prolific Norman wells oilfield. Read more here: http://www.albertaoilmagazine.com/2012/05/nwt-banking-on-shale-oil-and-the-offshore/
Over $880,000 worth of Genuine Mackenzie Valley Furs (GMVF) were sold at a wild fur sale hosted by Fur Harvester’s Auction Inc. on March 22, 2012, bringing total GMVF sales this year to over one million dollars. Demand for NWT furs increased again this year, particularly from buyers in Russia and China. An NWT marten pelt went for an unprecedented $380 and a lynx for $400, the top auction prices for these species against all others from across Canada and the Northern US.
NWT Chamber of Commerce is pleased with the tone of today’s budget and its focus on creating jobs and reforming regulatory regimes across the country. “Here in the NWT we are seeing our diamond mines draw closer to the end of their producing lives with each passing day,” said Hughie Graham, Acting President of the NWT Chamber of Commerce.
The Arctic is resurfacing as an area for business opportunities. Investment in the Arctic is at all time high. Critical to Arctic development are the growing demand for resources, the increased interest in northern economic sustainability, energy security and a warming climate
Tourism is a major contributor to the NWT economy and there are many opportunities across the territory to develop and expand even more outstanding tourism products. Northwest Territories tourism recently launched a new advertising campaign encouraging people to share stories about their visit to the Northwest Territories. For more information, visit http://www.myspectacularnwt.com/