Chamber Welcomes Release of Budget
Feb 22, 2012
(News Release) VICTORIA — The Greater Victoria Chamber of Commerce welcomed the release of the 2012 provincial budget by Finance Minister Kevin Falcon. Included in the budget are a number of items the Chamber supports.
Asset releases will help foster new development, while training for the region’s manufacturers and shipbuilding industry will build the region’s workforce. In addition, tax cuts will also help attract new international routes to the region.
“The sale or transfer of key assets particularly around the harbour highlights an opportunity for Victoria,” says Chamber CEO Bruce Carter. “The parking lots near the legislature were specifically mentioned as assets that could be sold to investors to maximize economic impact. There are a number of under-performing assets in the capital and the opportunity to improve those assets without relying on taxpayer investment is tremendous.”
The region’s shipbuilding industry and industrial sector will also benefit, with a tax credit for employers to help train and attract new talent to the region’s workforce. The successful Seaspan bid will help generate billions of dollars in economic activity and generate thousands of new jobs for the region, and the provincial budget commitment follows on the heels of a recent federal announcement of support for an industry training centre in Esquimalt.
The provincial budget also provided a large boost to the region’s efforts to secure new routes to international destinations. The elimination of the provincial jet fuel tax is a significant savings and will help local stakeholders in their efforts to secure new direct flights to the United States and other jurisdictions.