Stefanson rebuilds economic development board

Hey there, time traveller!
This article was published 23/02/2022 (1332 days ago), so information in it may no longer be current.

Premier Heather Stefanson’s government is launching a new version of an economic development board three years after her predecessor Brian Pallister had a crack at it.

Stefanson said it is a “top priority” for her government and she will serve as the new economic development board chairwoman with Cliff Cullen minister of Economic Development, Investment and Trade as vice-chairman.

Michael Swistun, a former capital markets executive with Exchange Income Corp. and previously with Wellington West Capital will lead the operation. Tracey Maconachie, deputy minister of economic development, investment and trade will be associate secretary of the board.

It’s not clear yet how it will function, but a couple of business executives familiar with the initiative said that as we emerge from the economic downturn caused by the pandemic government needs to “move at the speed of business.”

The idea is for the cabinet-wide secretariat to allow economic development projects to advance smoothly.

In an interview with the Free Press, Cullen said, “Coming out of the COVID pandemic it is really critical we hit the ground running and we seize on every opportunity we can.”

Swistun, who has known the premier since the 1990s, said he’s always expressed his opinions pretty freely about different things.

“Now I am getting called on it,” he said.

He said the idea is to focus on natural advantages Manitoba has.

“There are so many things happening on a global level where the winds are blowing at our back,” he said. “For instance there is a huge desire from a lot of industries to tap into clean renewable energy which we have in abundance.”

He said, “It is not government’s job to pick winners. We are going to focus on what our advantages are.”

Dayna Spiring, the CEO of Economic Development Winnipeg, has been close to the discussions about the secretariat and is hopeful it will provide the clarity that businesses are looking for.

“We know that economic development needs to be easy for business” she said. “We need to have a single window so that business never has the wrong door.”

But to some this approach is an indication that the Progressive Conservative government has been spinning its wheels on economic development. There have been five different cabinet ministers in charge of economic development in six years and Cullen is on his second stint.

Pallister introduced his Economic Growth Action Plan in late 2018 and there were changes being made to it early the next year.

One observer, who asked to speak off the record said, “We have to stop tinkering with our economic development “approach.”

The NDP’s finance critic, Mark Wasyliw, said, “This new PC board will do nothing to help the economy. The PCs are just appointing their political friends to an advisory board that’s more interested in making cuts than making life affordable for Manitoba families.”

The plan is for the board to reduce barriers to investment and ensure prompt action in seven different ways.

Cullen would not say what sectors are being focused on but mentioned the importance of the agri-food industry, manufacturing and the financial services sector.

Asked if the secretariat will have a hand in developing a venture capital initiative that this government said it would pursue, Cullen said, “We are very actively working on that file. It will be budget time pretty soon. Stay tuned for the budget.”

martin.cash@freepress.mb.ca