Alberta’s recovery plan will see the accelerated diversification of our economy through a focus on sector strategies. These will be announced this summer and fall and will support growth in high-opportunity sectors such as value-added petrochemical manufacturing, minerals, including rare earth minerals, pharmaceuticals, the financial sector, logistics and aviation. Further, our government is investing $175 million in the Alberta Enterprise Corporation over the next three years in capital funds that support the technology sector in Alberta. This recovery plan will support Alberta’s oil and gas industry, while boosting diversification in key-growth sectors like tech and innovation.
As part of Alberta’s Recovery Plan, our government is investing in infrastructure projects which will create tens of thousands of jobs in the near term, and fuel prosperity for years to come. In total, the Recovery Plan will create 50,000 jobs, many of which will be related to the construction and maintenance of Alberta’s critical infrastructure. Some of the projects included in the plan are gas line extensions, twinning of highways, treatment facilities for Albertans recovering from addiction, and projects to support Alberta’s agricultural industry. An additional $50 million dollars has been committed to municipalities through the Strategic Transportation Infrastructure Program.
Government is showing its commitment to job creation by accelerating the Job Creation Tax Cut a year and a half ahead of schedule. On July 1, the corporate tax rate was dropped to eight per cent, among the lowest in North America. For comparison, British Columbia’s corporate tax rate is 50 per cent higher. By making Alberta a competitive jurisdiction to do business, we are laying a strong foundation for job creation. Government has shown that it is doubling down on job creation here at home. Businesses can be sure that Alberta is the best place in Canada get settled, do business, and above all, create jobs and prosperity.
The Government of Alberta supported COVID-19 response efforts by offering to match donations up to $2 million to eight designated Alberta-based registered charities made between April 15 and May 31. Albertans showed their love for community and giving spirit in this challenging pandemic and raised about $7 million for those COVID-19 fundraising campaigns. Those donations are helping to feed the hungry, care for seniors, support at-risk children, and keep Albertans employed.