Listen Live

HomeNewsRegional economic summit in Cranbrook focuses in drawing in investment

Regional economic summit in Cranbrook focuses in drawing in investment

Cranbrook Mayor Lee Pratt, Kimberley Mayor Don McCormick and Canal Flats Mayor Karl Sterzer met in the Cranbrook History Centre last Wednesday to discuss recommendations on economic development in Cranbrook and the surrounding region.

The City said participants to the July 29th roundtable met to develop recommendations on attracting investment and economic development programs in the region.

The focus on the session was the current state of forestry, energy, mining, aerospace and defence sectors in the area.

“This was one of many steps we are taking to determine what type of investment in the region is best suited to attract,” said Mayor Pratt. “Meetings like this and others will help us target realistic economic development goals.”

- Advertisement -

The summit had other participants to discuss the topic as well, including the College of the Rockies, the Kootenay Association for Science and Technology, the Columbia Lake Technology Centre, the Columbia Broadband Corporation, the Canadian Rockies International Airport, and several regional business leaders.

“Creating real economic impact in a rural region is difficult; the leadership from this group is strong and determined to make things happen,” said Mayor McCormick.

The City of Cranbrook said the idea behind the summit was to create an understanding of the economic climate post-COVID-19 and create regional economic development strategies.

“We are looking forward to the continued collaboration with all forms of business, other local governments, First Nations, and the RDEK to bring to pass jobs and economic success in our region,” said Mayor Sterzer.

$113,600 in funding was given to Cranbrook for economic development initiatives, plus an additional $80,000 from the Ministry of Forest, Lands, Natural Resource Operations and Rural Development for Economic Resiliency Initiatives – Post-COVID and a further $33,600 from CanExport to create a foreign direct investment strategy.

“While COVID has been a challenge for all of us in the valley, it’s not all bad news. For example, the City of Cranbrook Building Permits over the last 5 years is over $210 million compared to $133 million the previous 5 years, We are on pace for the best year in a ten year period with 2020 estimated to be at over $55 million,” said Darren Brewer, Business Development Officer for the City of Cranbrook. “We are lucky to have had this wave of momentum, our downtown is looking better, and the Tembec lands project holds a lot promise. Our future looks bright and this Summit was a great first step in our planning post COVID.”

- Advertisment -
- Advertisment -
- Advertisment -

Continue Reading