Cut red tape, embrace innovation to stir Canada’s economic growth: solutions panel
Canada must adopt innovative policies, reduce the regulatory burden and make targeted investments in order to kickstart economic growth and close the poverty gap, experts said in offering solutions to a sobering Scorecard report from the Coalition for a Better Future.
Jacques Lefebvre, CEO of the Dairy Farmers of Canada, David Renwick, interim president of Innovative Medicines Canada, Jennifer Ditchburn, president and CEO of the Institute for Research on Public Policy and Tabatha Bull, president and CEO of the Canadian Council for Aboriginal Business proposed a number of ideas to promote productivity and prosperity as part of a panel discussion about solutions at the March 19 reporting event.
Lefebvre said Canada has great advantages in its vast supply of land, water and food and energy sources. He said we need a plan to harness that potential with a greater focus on building a stronger rural Canada, including addressing infrastructure and affordable housing needs.
“These are all barriers that need to be addressed in order to have Canada’s rural communities fully participate in a thriving economy,” he said during the discussion moderated by CPAC journalist Omayra Issa.
Ditchburn noted that issues and policy decisions around immigration, housing, food, productivity and sustainability are interconnected, and the strength of our social safety net depends on economic growth and prosperity.
“If you’re going to pull on the Jenga piece you have to make sure the others are sustained,” she said.
One of the pillars in the Scorecard tracks the extent to which companies are achieving global scale through innovation and sustained investment.
Renwick stressed the importance of having policies that enable Canadian innovators to compete internationally, noting that our competitiveness is hampered by inefficient regulatory processes. He said the private sector must be brought into policy development discussions much earlier.
“If consultation occurred earlier with the private sector we would be much better positioned to compete globally for those valuable investment dollars,” he said.
“Communities are no longer satisfied with an impact benefit agreement. They want to be active partners and decision makers on projects.”
Tabatha Bull, president and CEO of the Canadian Council for Aboriginal Business
The 2024 Scorecard reported that there was a deterioration in labour market outcomes for Indigenous Peoples, with a decline in both employment and participation rates. This was a reversal of gains made in recent years.
In 2023, the share of management positions held by First Nations, Inuit and Métis slipped to 2.4 per cent, down from 2.7 per cent a year earlier.
Bull said there must be a change in the mindset of corporate Canada, which tends to value quick, action-oriented decision makers whereas Indigenous people tend to think carefully and consider long-term consequences before drawing a conclusion and making a decision. When it comes to recruiting for senior positions, employers must consider the candidate’s potential, not only the number of years of experience.
When it comes to partnering with Indigenous communities on economic development projects, Bull said Indigenous people want a bigger say at the outset.
“Communities are no longer satisfied with an impact benefit agreement. They want to be active partners and decision makers on projects,” she said.
The Coalition wants to hear from all Canadians on their ideas and experiences around economic growth.
Have your say here.
