About Nunavut Development Corporation
Nunavut Development Corporation: Investing in Nunavut's Economic Growth
The Nunavut Development Corporation (NDC) is a Canadian investment company that focuses on making equity investments in target economic sectors within the Nunavut territory. The corporation aims to create income-earning opportunities, employment, and local business growth with an emphasis on investing in smaller communities. Although not exclusive, NDC prioritizes investments in key sectors of the economy including the fishery, tourism, and cultural industry sectors.
The NDC was established by the Government of Nunavut as a Crown corporation under the Business Development and Investment Corporation Act. Its mandate is to promote economic development within Nunavut by providing financial assistance to businesses operating within the territory.
One of NDC's primary objectives is to support small businesses that are owned or operated by Inuit people or other residents of Nunavut. By doing so, it helps to create sustainable economic growth while preserving traditional Inuit values and culture.
Investment Sectors
The NDC invests primarily in three key sectors: fisheries, tourism, and cultural industries.
Fisheries
Nunavut has a rich marine environment that supports a diverse range of fish species such as Arctic char, turbot, shrimp and crab. The fishing industry provides significant employment opportunities for local communities throughout the year. The NDC recognizes this potential for growth and invests heavily in this sector through partnerships with local fishing companies.
Tourism
Tourism is another important sector for economic development within Nunavut. With its unique natural beauty and rich cultural heritage, there are many opportunities for tourism-related businesses such as hotels/resorts accommodations providers tour operators etc., which can provide jobs for locals while also attracting visitors from around Canada & worldwide.
Cultural Industries
In addition to fisheries & tourism industries ,the Cultural Industries sector also plays an important role in promoting economic development within Nunavut . This includes arts & crafts production , music production , film-making etc . These industries help preserve traditional Inuit culture while also creating job opportunities .
Investment Criteria
When considering investment proposals from potential partners or entrepreneurs ,the NDC looks at several factors before making any decisions . These include:
1) Financial viability - Is there sufficient evidence that shows proposed projects will be profitable?
2) Social impact - Will proposed projects have positive social impacts on local communities?
3) Environmental impact - Will proposed projects have negative environmental impacts?
4) Job creation - Will proposed projects create new job opportunities?
5) Community involvement - Are community members involved/consulted during project planning stages?
Conclusion
In conclusion,Nunvaut Development Corporation plays an important role towards promoting sustainable economic development across various sectors like Fisheries,Tourism,Cultural Industries etc . It provides financial assistance & support towards small business owners who operate locally thereby creating job opportunities & income earning possibilities which ultimately leads towards overall socio-economic upliftment of region .