Indigenous participation vital in Canada’s economic shift

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Canada is at an inflection point. The job facing the federal government, the provinces, and the private sector is to urgently restructure Canada’s economy — a need driven by new tariffs and ongoing tariff threats from the U.S., our biggest trading partner. We need to quickly become more independent, resilient, and sustainable.

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Opinion

Canada is at an inflection point. The job facing the federal government, the provinces, and the private sector is to urgently restructure Canada’s economy — a need driven by new tariffs and ongoing tariff threats from the U.S., our biggest trading partner. We need to quickly become more independent, resilient, and sustainable.

The challenge is huge, but the moment is also a window of opportunity.

The political will to unleash major development projects and leverage our natural resources for opportunities in new markets has never been better. It’s a bold vision, full of potential. It’s also a goal that cannot be realized without meaningful Indigenous participation. And Indigenous participation benefits all Canadians.

Make no mistake, Indigenous communities are open for business. We have worked hard to gain a foothold in the mainstream economy after being separated from it by the Indian Act. Across Canada, major economic development projects are taking shape and building prosperity because of impactful Indigenous participation, including equity positions.

Respecting Indigenous rights and removing barriers to economic inclusion is not only an economic imperative, but also a strategic advantage that attracts investment.

Indigenous lands are critically important to proposed major projects across industries, from natural resource development and telecommunications to transportation. Moving forward requires meaningful consultation with Indigenous Peoples, their participation, and respect for Indigenous rights that are protected in law.

Importantly, the international community and capital markets are well aware of Aboriginal rights and title in Canada. Earlier this year, I had an opportunity to speak to investors in England about development projects in Canada. They were keen to learn about engaging with Indigenous communities. I advised them to reach out early to potential Indigenous partners and highlighted the proven benefits of equity partnerships. And I made it clear that understanding and respecting Indigenous rights and interests is the pathway to free, prior, and informed consent (FPIC) — a legal and moral standard upheld in Canadian courts. FPIC is also a framework for successful partnerships and building prosperity. It leads to stronger, more sustainable development outcomes.

An excellent example of what is possible when Indigenous Peoples have equity positions in natural resource development projects is the Cedar LNG project in British Columbia. Cedar LNG leverages Canada’s abundant natural gas supply and B.C.’s growing LNG infrastructure to produce Canadian LNG for overseas markets. It’s the world’s first Indigenous majority-owned LNG project, and will have one of the cleanest environmental profiles in the world. Cedar LNG provides incredible opportunities for both the Haisla Nation and the region.

First Nations invest the financial benefits of economic participation in our communities, our regions, and Canada. Increasing opportunities for meaningful participation will create financial and employment opportunities for all Canadians — and do much to advance economic reconciliation.

I’m encouraged to see that a majority of Canadians believe we need to do more to advance reconciliation, and recognize their own individual role in that process. According to the 2025 Confederation of Tomorrow survey, about seven in 10 Canadians believe individuals like themselves have a role to play in efforts to bring about reconciliation between Indigenous and non-Indigenous people.

To achieve more successes like Cedar LNG, barriers to Indigenous participation must be removed. That includes addressing the gap in access to financing. We’ve seen promising moves in this direction, such as the federal government’s new Indigenous Loans Guarantee Program. This initiative should enable more First Nations to take up equity positions in development projects situated on their traditional territories. But there is more work to do. Eventually, we would like to see the financing that supports First Nations’ equity positions come through an Indigenous-led finance organization. This would ensure that decisions are independent of the Crown and move at the speed of business.

Another challenge is that many Indigenous communities, while they are rights holders, lack experience in dealing with the proponents of major projects and don’t have the resources to do the evaluation needed for them to give informed consent. As Indigenous Peoples, we need to increase our administrative capacity not only for FPIC decisions but also so we can sit at the tables making decisions around this renewed economy and consider issues around economic participation, equity positions, and project approvals. Support for Indigenous-led capacity-building opportunities for First Nations will help projects achieve informed consent.

The benefits of getting this right include more economic growth and better environmental stewardship. Getting it wrong means legal challenges, project delays, and the continued economic marginalization of Indigenous Peoples — with all the costs that go with that.

A mine will open, and a mine will close. It’s in between that we can generate wealth. Let’s work together to make that happen, for the benefit of all Canadians.

Harold Calla is the executive chair of the First Nations Financial Management Board.

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