The Alberta government is pulling out all stops with the launch of a $10 billion economic recovery plan today.
It calls for extensive investment in infrastructure across the province and spending to encourage economic diversification and innovation, support of arts and culture, and promotion of investment in Alberta.
The plan has three main pillars: creating jobs, building infrastructure that will spur economic growth, and continuing to diversify our economy.
"Today we take a big step forward in that journey with the launch of Alberta's recovery plan," said Kenney, "A bold, ambitious long-term strategy to build, to diversity, and to create jobs. It's a plan for today that provides hope for the future.
The government will launch a series of large-scale infrastructure projects this summer at a total cost of $612 million. The projects have been chosen to improve long-term economic growth and to encourage investment across the province.
They will include the twinning of highways, projects that support growth in the agricultural sector, gas line extensions for northern residents, and treatment facilities for Albertans recovering from addictions.
An innovation employment grant will target smaller companies and encouraging technology and investment in Alberta. It will provide a refundable tax credit to companies that invest in research and development, leaving them more money to employ Albertans in areas of innovation.
During the pre-income and scale-up phases, companies will benefit from this program. As they become profitable and no longer qualify for the grant, they can utilize the job creation tax cut.
A cultural event relaunch program will support music, performing arts, and landmark events which have been especially hard-hit by public health measures. This program will help those events which may relaunch in the summer meet physical distancing requirements, or relaunch the next season.
The government has also committed to growing Alberta’s cultural industries by 25 per cent to $1.5 billion in the next decade.
The government is re-capitalizing the Alberta Enterprise Corporation by investing $175 million over the next three years to provide capital funds for the technology sector in Alberta.
The Invest Alberta corporation will boost investment attraction efforts in key markets around the globe. It aims to increase investment in Alberta’s primary industries -- energy, agriculture, and tourism -- and encourage investment in our high-potential sectors, such as technology, aviation and aerospace, and financial services.