British Columbia Regional Development Agency
Pacific Economic Development Canada to better meet the needs of businesses, communities and people in British Columbia
BRITISH COLUMBIA – From the beginning, Canada’s regional development agencies have played a key role in helping businesses and communities overcome the effects of the pandemic. They have put in place a series of direct support programs to help ease the financial pressures caused by COVID-19, ensuring that businesses and their employees are not only able to survive the crisis, but well positioned to come back stronger in the future. our recovery.
The Government of Canada set out a plan in Budget 2021 to put businesses on the path to long-term growth, including supporting regional economies.
For the first time in more than three decades, the Government of Canada will strengthen its federal economic development presence and services in Western Canada by creating two regional development agencies for British Columbia and the Prairie provinces. This approach recognizes that the drivers and economic conditions are different in each of the two regions, and that entrepreneurs, innovators, institutions and communities have unique needs related to where they are located.
Pacific Economic Development Canada (PacifiCan) will be the new federal regional economic development agency for British Columbia. It will be based on Western Economic Diversification Canada(WD’s) 34-year legacy of working more closely with BC businesses, innovators and communities; promote connections and investments to foster economic growth; and help organizations navigate federal programs and policies.
In Budget 2021, the Government of Canada provided this new British Columbia-focused agency $ 553.1 million over five years, starting in 2021-22, and $ 110.6 million thereafter. Therefore, in addition to maintaining its current office in Vancouver, PacifiCan will relocate to establish its new headquarters in Surrey and expand its reach by establishing new service points in Victoria, Campbell River, Prince Rupert, Fort St. John, Prince George , Kelowna and Cranbrook.
These locations will be launched over a period of several months. When completed, this enhanced field presence will bring the federal government closer to the businesses and communities they call home. Supporting economic development in more communities will help grow businesses and create good jobs that people can count on.
The new agency will build on existing relationships with clients and partners such as the Western Canada Business Service Network, and will continue to offer the new funding programs in Budget 2021, as well as existing programs that help businesses grow and support regional innovation.
Pacific Economic Development Canada (PacifiCan) is one of two new regional development agencies launched. The other is Prairie Economic Development Canada (PrairiesCan), which will focus on Alberta, Saskatchewan and Manitoba. The new agencies will replace Western Economic Diversification Canada (WD), which has served western Canadians since August 4, 1987.