Backgrounder
Strategic Investments in Northern Economic Development Nunavut 2005 - 2006

Strategic Investments in Northern Economic Development is a set of programs offered by Indian and Northern Affairs Canada in the Yukon, Northwest Territories and Nunavut. The goal of this initiative is to promote the economic development of the North, strengthening territories’ economies and generating important economic opportunities for Northerners, their businesses and their communities.

Two complementary programs have been established under Strategic Investments in Northern Economic Development – the Targeted Investment Program and the Innovation and Knowledge Fund. The Targeted Investment Program is designed to distribute $90 million in funding over five years across the three territories while Innovation and Knowledge is an ongoing annual program that was recently renewed.

Through the Targeted Investment Program the Government of Canada and the three territories work together to tailor economic development investments to the specific needs of each territory. In Nunavut, Indian and Northern Affairs Canada worked with the Government of Nunavut and the Nunavut Economic Forum to identify investment in projects based on the program’s four thematic areas:

• Building the knowledge base in key economic sectors or areas of activity that will help set the stage for further economic opportunities and investments;
  
• Enhancing the economic infrastructure base by supporting the planning and development of multi-user physical infrastructure projects with direct critical linkages to enhanced economic activity and long-term growth;
  
• Promoting capacity development of organizations, associations, small and medium sized enterprises (including social enterprises), and individuals so that they can take advantage of economic opportunities; and
  
• Enhancing economic diversification within regions and sectors with a focus on the development of new sectors, products and markets.

The Innovation and Knowledge Fund is designed to help Northerners take part in, and benefit from, the innovation and knowledge based economy. This fund supports more localized projects valued at $95,000 or less and is meant to address programming gaps or complement activity in a particular sector or region. In each of the territories, up to $360,000 may be awarded each year to help advance economic development through strategic investments in projects.

Emphasis is placed on Innovation and Knowledge projects that will:

• Expand the knowledge base and understanding of Northern economic issues and activities;
  
• Facilitate innovative approaches to development of the North;
  
• Facilitate opportunities for Northerners to participate in the economy in ways new to the North;
  
• Increase individuals’ skills to engage in the Northern economy through knowledge and innovation; and
  
• Increase knowledge, understanding and skills within organizations which have a Northern economic mandate.

For 2005/06, Indian and Northern Affairs Canada has invested all of the $6.36M allocated under both the Targeted Investments Program and Innovation and Knowledge Fund in the following projects:

Strategic Investments in Northern Economic Development - Nunavut
Targeted Investments Program, 2005-2006

Innovation and Knowledge Fund, 2005-2006

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