The City of Vancouver, through the Vancouver Economic Commission, today unveiled The Vancouver Economic Action Strategy: An Economic Development Plan for the City. The action plan for Vancouver is focused on creating a climate for growth, supporting business investment and trade as well as attracting and retaining talent.

 

The plan provides 160 actions, measures and outcomes for how the Vancouver Economic Commission (VEC) will work with partners to enhance local economic performance through a variety of business-support programs.

 

The plan was developed and will be implemented by the VEC, under the leadership of the commission’s powerful team of business experts on the new board. 

 

The foundation of the strategy is based on Vancouver’s economic assets and attributes, and focuses on mature sectors as well as emerging growth sectors. Thousands of hours of research and consultation with business leaders, stakeholders, partners and citizens were taken into account to develop the major areas of focus.

 

“This plan envisions a high performing economy that successfully levers the city’s global profile and its momentum as a centre of innovation and entrepreneurship,” said Mayor Gregor Robertson. “Investing in the local business climate is critical to support the growth of smaller businesses and provide innovative and enticing opportunities for larger enterprises.

 

“Implementing practical measures, like reducing taxes for small business, streamlining regulation and process, and creating innovative new opportunities will help create the kind of environment we want in our city – one where businesses see the opportunity to invest, where they can draw on local services and skills and they can grow and prosper, to the benefit of the entire city.”

 

“We look forward to implementing this action plan with our community stakeholders and partners,” said Lee Malleau, CEO of VEC. “Our plan is ambitious but achievable, and we have adopted a focused approach that identifies where we think there are gaps to fill, improvements to make in our business climate, and the best ways to support the many organizations that are already doing great work in Vancouver.”

 

Strategies in the plan include:

·         -an expedited review of the city’s regulatory framework on job spaces, taxes and regulatory burden on business;

·         -a global communications and events program that markets Vancouver to the world for investment and talent;

·         -boosted support for Port Metro Vancouver, including preservation of job-lands throughout city that support port activities; continued port/neighbourhood interface planning; and port-related transportation needs planning;

·         -a Green and Smart Enterprise Zone that showcases and nurtures innovation in globally emerging sectors like clean tech and green buildings;

·         -working with partners to develop a technology incubation centre; and,

·         -increased trade with new global markets targeting Asia and South America.

 

“We are very pleased to welcome dynamic, successful and highly qualified business leaders and thinkers like Dr. Moura Quayle, Bruce Flexman and Glenn Entis to the VEC board to guide and implement this pivotal economic strategy,” Mayor Robertson said.

 

“We are excited about the strategy and have been looking forward to launching it,” said VEC director Dr. Moura Quayle, Professor at UBC Sauder School of Business. “This is a time for action, and we’re proud of the tactical nature of this plan which is aimed at producing concrete, measurable results for Vancouver.”

 

Bruce Flexman, President of the International Financial Centre BC, applauded the plan’s global outreach initiatives, especially around trade with Asian markets. “This plan has identified the right approach to support Vancouver’s position as the best shipping gateway to Asia,” he said.  “Working together will help deliver the message to global business leaders that Vancouver is a compelling and competitive business destination with a diverse cluster of economic sectors.”

 

“Strong, vibrant cities are key in sustaining a successful innovation community. We applaud the City’s commitment to take the actions needed to assist in the further growth and success of our industry and look forward to partnering with VEC in the execution,” said Bill Tam, President and CEO of the BC Technology Industry Association.

 

The creative economy is a key growth sector with increasing demands for talent.

 

“Vancouver’s Creative Economy is growing rapidly as new digital media and film companies set their sights on our city to settle or expand,” said Glenn Entis, VEC board member and Partner of Van Edge Capital. “We’ve seen concrete examples that Vancouver is a desirable business destination for digital media and visual effects. We really saw this during this summer’s SIGGRAPH conference that brought nearly 20,000 creative industry professionals to Vancouver. In order to ensure this trend continues, it is imperative this sector is supported with the proper resources necessary to succeed. This action plan is on the right track.”

 

About VEC: The Vancouver Economic Commission, an agency of the City of Vancouver, works to strengthen the city’s economic future by helping existing businesses, attracting investment, researching the business environment and making policy recommendations.

 

Tania Parisella

Vancouver Economic Commission

604-632-9668 Extension 110 or tparisella@vancouvereconomic.com