BCBusiness

6 INVEST in BC 2 0 2 4 L E T T E R F R O M T H E P R E M I E R It's no secret: B.C. is a great place to live. We have a strong economy and opportunities for everyone to build a good life here in our province. B.C.'s economy is a leader in Canada. Our province saw some of the strongest job growth in the country last year with 74,000 new jobs. We have an abundance of natural resources and highly skilled people, already hard at work building a clean energy future. At the same time, we know global inflation and high-interest rates continue to squeeze family budgets and make it tougher for businesses. This year, we took steps to reduce the cost of doing business. More than 8 of every 10 small and middle sized businesses are now exempt from the Employer Health Tax, saving businesses millions of dollars every year. Businesses here also enjoy the benefits of BC Hydro offering the third-lowest commercial and industrial rates in North America. We also offer low and stable commercial vehicle insurance through the Insurance Corporation of B.C., which has even provided four rebates to all personal and commercial customers in recent years. There is more work to do. We must make sure B.C. remains a great place to live, work and invest. We're focused on growing a stronger, cleaner economy by building on our province's natural strengths in manufacturing, life sciences, hydrogen, critical minerals, forestry, and more. We are starting from a good place. British Columbia is a world-leading mining jurisdiction with the critical minerals to power a cleaner future, from electric cars to wind turbines and solar panels. Companies like E- One Moli see the potential here — and it's why they're bringing lithium-ion battery cell production to Maple Ridge, along with hundreds of new jobs. It is not only B.C.'s natural resources that set us apart in the global market. Our commitment to reducing climate pollution through the CleanBC plan, paired with our clean hydroelectric power, sets B.C. up well to capitalize on the direction of a global economy committed to a low-carbon future. These are B.C.'s competitive advantages. And we're doubling down on our strengths. For the first time in 15 years, BC Hydro has released a competitive call for power and an updated 10-year capital plan, leading to some $40 billion in capital investments, while creating as many as 14,000 construction jobs annually and expanding our ability to power the industries of the future. Our partners in the traditional energy sector will be our partners in our net zero future. Pumping up production of zero carbon fuels, enabling industries like steel and cement to slash their emissions, and being at the forefront of hydrogen development, will all play an important part. As the first Canadian province to design and implement a hydrogen strategy, B.C. is committed to growing its hydrogen economy. We are well-positioned to attract investment in clean-hydrogen projects, such as HTEC's recently announced $900 million H2 Gateway project, which aims to reduce emissions in the transportation sector. With about 50 proposed projects in the hydrogen sector, our province could see billions in potential investment. We cannot afford to squander this generational opportunity before us. Some will say we must choose between economic growth and climate action. That is an old and rudimentary approach which fails to grasp the realities of today and will leave B.C. at the back of the pack in prosperity. In an uncertain world, British Columbia remains a competitive, stable and secure place to live, work and invest. We're focused on building a cleaner, brighter future here in B.C. and around the world. To put it simply, we are open for business. Honourable David Eby Premier of B.C. A Clean Economy that Works for People Official Publication of the BC Economic Development Association in special partnership with BCBusiness.

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