The territories’ economy is currently at a critical stage as there are few projects to replace the scheduled closure of the largest mines in the territory. There are direct implications and consequences for the northern communities due to the fact that all communities are part of the territorial economic mechanism by supplying work force and services. Any significant drop in NWT’s GDP will trigger higher unemployment, as the pressure on the economy to address employment needs is increasing.
The Northwest Territories’ remoteness, underdeveloped infrastructure, high cost for energy production and distribution makes most large resource project to be considered high cost in comparison to other Canadian provinces. The deruralization process will increase as the trained and experienced Aboriginal workforce will relocate to other provinces and territories in search for better employment. This trend will deprive northern communities of their much needed trained and experienced workforce thus triggering a decline in community’s annual revenue.
Yamotech Inc. analyzes the divergence in growth paths: the rate at which the territory’s economy is growing versus the rate of social progress. Finding a way to ensure the wealth from resource development benefits all northerners could be an idealistic desiderates difficult to attain in the near future.
Yamotech’s business plan development focuses on specific community strategic development by identifying local resource extraction and the business associated with the local economic development, and suitable local and regional projects for the community development corporation.
The creation of a local human resources database seen as the pool of potential candidates for training and employment could be easily implemented in correlation with the Information System previously implemented in each target community.
In terms of finance the implementation stages, Yamotech works with the local governance bodies identifying territorial and federal funding programs that fits community’s economic activity and development goals.
The solution to the deruralization process is the local economic development and implicitly new jobs creation. It provides local residents with long term employment, increased revenue and social stability. Local economic development is difficult to implement without adequate development tools and suitable financial plans and resources.
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