Northwest Territories
A land of remarkable beauty and tremendous economic opportunity
The Northwest Territories are the site of intense economic activity, as savvy investors capitalize on incredible opportunities and a rich and diversified resource base. The Northwest Territories’ expanding industrial sectors include diamond mining, oil and gas industries, the production and sale of energy, a superior fur trade, planned pipeline construction and an exciting tourism industry. The abundance of diamonds in this Territory makes it the third largest producer of rough-cut diamonds in the world, an industry worth $1.7 billion. It is no wonder that this province boasts the highest employment rate in Canada and is an attractive business investment world wide.
Business Environment
- Oil industry exports are valued at $552 million with a GDP contribution of $226 million for oil and gas extractions alone for 2007
- Proposed pipeline will allow natural gas production to soar to $2.2 billion annually
- Diamond and oil industries alone are responsible for contributing $2 billion to the provinces’ economy along with countless jobs and opportunities
- One of the lowest tax rates and fastest growing GDPs in Canada
- Federal and territorial financial incentive programs for business and investment
Workforce
- Highest average income in Canada
- Among lowest tax rates in Canada
- Highest employment and lowest unemployment rates in Canada
- Education spending three times national average per student
Other Key Advantages
- Sales of wild fur from NWT have increased 71% from 2003 to 2006 and are considered among the very best in the world
- 1.60 billion barrels of oil and 12.2 trillion cubic feet of natural gas have been discovered in the NWT
- Tourism industry attracts over 60,000 visitors annually, generating over $113.6 million
- Host to one of the largest sources of petroleum in North America
Sector Strengths
- Agriculture
- Diamonds
- Energy
- Fisheries
- Fur
- Mining, Oil and Gas
- Tourism
Look Who’s Investing in the Northwest Territories
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