Government program aims to attract foreign investment

Hey there, time traveller!
This article was published 13/08/2020 (2109 days ago), so information in it may no longer be current.

Rural Manitobans can soon expect some international entrepreneurs to set up shop in Pinawa.

A new program supported by all three levels of government is hoping to attract global talent and foreign investments in the province by providing an expedited route towards immigration.

Dubbed the International Entrepreneurship Program, anticipated investment capital is expected to be as high as $20 million — with about $1.2 million in direct community investment within its first year.

“For decades, our nuclear and small community has attracted some of the best and brightest minds to live and work here,” Pinawa Mayor Blair Skinner told the Free Press. “It’s exciting to continue being a part of the success story of so many more folks in this way.”

Participating businesses will have access to a network of specialized supports, resources, and customized development assistance. Among those include agency support from business incubator North Forge and its Eastern Manitoba branch in the region.

“The kind of companies that we’re bringing in are all going to be very complementary to what’s needed and fulfill demand for what’s missing,” said Joelle Foster, CEO at North Forge.

“Mostly, I’m thrilled that candidates can provide local employment opportunities in the community and across Manitoba.”

Pinawa economic development officer Shane Li hopes to see qualifying candidates support the region’s flourishing tourism sector.

Given the region’s small population of about 1,500 locals, mostly aged 55 and above, Li said “entrepreneurial spirit is a much-needed way to boost our economy.”

“Year after year, we get lots of tourists here and we don’t seem to be harnessing that towards our advantage,” he said. “Something like this that brings startups from around the world will help us understand our market better and help in several different sectors — retail, food, hospitality and even accommodation or health care.”

 

Recommended businesses will need to be accepted by rigorous guidelines set through Manitoba’s provincial nominee entrepreneur pathway — part of which requires that a minimum amount of $150,000 be put towards individual businesses’ investment capital on their own dime.

Criteria also includes successful candidates to conduct a community visitation trip of about two weeks and provide a thorough business plan in writing to all parties involved.

While the program’s partly on hold owing to COVID-19, international applications have already started to roll in from around the world, says Foster.

“Once blowbacks from the pandemic are behind us,” she said, “programs such as these will definitely be our saving grace in economic recovery.”

And federal and provincial politicians — like Minister of Economic Development and Training Ralph Eichler and Lac du Bonnet MLA Wayne Ewasko — are already “excited and thrilled” about its prospects.

“Economic development requires a collaborative approach,” said Eichler in a statement. “This partnership offers a way to further place Manitoba on the map as an international destination to live and work.”

“I’m excited to welcome a whole generation of entrepreneurs to their new home province,” said Ewasko.

Executives expect businesses to start setting up in Pinawa by late 2021.

Twitter: @temurdur

Temur.Durrani@freepress.mb.ca