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HomeMy WebLinkAboutThe Lucknow Sentinel, 2016-09-21, Page 4Economic Development and Innovation Summit focuses on leveraging Bruce Power's investment to benefit region Troy Patterson Editor Properly harnessing the Bruce Power refurbishment's economic shock wave can open new national and inter- national opportunities for communities in Bruce, Grey and Huron counties. Over 50 local leaders, as well as regional and provin- cial economic development professionals, took part in the Economic Development and Innovation Summit Sept. 14, 2016 at Kincardine's Marritott TownePlace Suites, with a day of speakers touch- ing on the sustainable growth of the nuclear indus- try, in the region, province and internationally that ben- efit from the refurbishment of the world's largest operat- ing nuclear site. The event formally launched the joint economic development initiative between Bruce Power and Bruce County, which emphasized the impact the multi-year, $13 billion investment by Bruce Power will have on the region. "It's the biggest nuclear facility in the world, so any big change in a centre of that size is going to have global eyes looking upon it for sure," said Robert Lavigne, manag- ing director of economic research for Ontario Munici- pal Employees Retirement System (OMERS) Capital Markets. "All communities are become impacted by global forces, so for this con- ference my goal was to make sure that global context and national and provincial con- text made relevant what was being discussed here today." Organized by Bruce County and Bruce Power, the focus of the event on 'affordable power, jobs and growth' dissected the impact the nuclear portion of Ontar- io's Long Term Energy Plan will have, injecting 18,000 jobs in the region annually and $4 billion in annual eco- nomic benefit. "The world is slowing, becoming more volatile, and we're running out of room for monetary policy to stim- ulate things," Lavigne said. Lavigne said Ontario and its municipalities have an opportunity to take advan- tage of a number of eco- nomic factors alongside the Bruce Power refurbishment boom, from the cost of the Canadian dollar attracting American investment and buying exports, the interest in Toronto as an interna- tional financial centre, hous- ing market and what future consumption in the province could look like. "These factors we can't ignore when you think of future electricity demand, challenges the region faces, taking advantage of these period to make sure the future is bright and we don't go through bad times like we did in the recession," he said. The world is watching nuclear power, its expansive energy capacity and availa- bility of uranium as a long- term resource. Alongside renewable energy, Lavigne said nuclear makes more sense than fossil fuels over the long term, even with the recent dip in oil prices. "Of course you have to think about communications strategies for nuclear, and I think this is a great example of how nuclear power can work with communities to make sure that safety is first and that people realize the positive spin-offs," he said. "The world is going to end up being nuclear in some shape or form down the road. Resources are a commodity, they are scarce, where nuclear isn't." The morning session saw Bruce Power's new president and CEO Mike Rencheck share the company's strate- gic long-term vision in a multi-year outlook. Patrick Dillon of the Provincial Building and Construction Trades Council of Ontario outlined the building trades perspective on workforce development in the region. After lunch, the crowd heard from Michael Fenn, former Ontario Deputy Min- ister and former chief administrative officer of Hamilton and Burlington outline how both counties and their municipalities can "Think globally, act region- ally, and benefit locally" by building successful eco- nomic partnerships. Fenn said with 10,000 municipalities in North America, it makes sense that competition is going to hap- pen within areas like Bruce, Grey and Huron counties. But a regional platform and outlook should be the goal of each, "in terms of attracting regional investment:' Rural areas like this deal with challenges ranging from transportation, to youth migration to major centres, fluctuations in the agriculture and tourism industries they often rely on, and infrastructure hurdles that may impact future investments, he said. "If you're going to play in the big leagues, you have to understand what the big leagues are doing to your area," said Fenn. With 190 firms involved with Organization of Cana- dian Nuclear Industries, Fenn said the regions have to be prepared to capitalize on the potential investors that accompany major economic boons like Bruce Power's refurbishment. From First Nations, to trade unions, credit unions, not -for -profits and immigrant investors, the region can benefit from the interest of these groups if it fills the gaps in local infra- structure that may deter investment. This means making regions attractive to execu- tives, professionals and tradespeople, strengthening healthcare education and housing, which he said the Bruce region has demon- strated with its success in sectors like community revi- talization and physician recruitment. "It's a question of how you're seen by the world," said Fenn. "It's a good opportunity with the Bruce (Power) investment for a makeover in Bruce County. There are new global mar- kets for local products:' Fenn used University of Toronto's Richard Florida's example that a community needs to cultivate a "creative class" to grow with the new economy, with technology and video game companies, as well as arts and culture industries mentioned. In order to do this, strengthening broadband internet in the region to ben- efit e-commerce, is essential to attracting business and allowing local firms to com- pete internationally, like the Eastern Ontario Wardens were successful by establish- ing the Eastern Ontario Wednesday, September 21, 2016 • Lucknow Sentinel 9 Troy Patterson/Editor Over 50 people took part in the Economic Development and Innovation Summit hosted by Bruce Power and Bruce County in Kincardine on Sept. 14, 2016. Pictured: Former Ontario Deputy Minister Michael Fenn speaks during the Economic Development and Innovation Summit hosted by Bruce Power and Bruce County in Kincardine on Sept. 14, 2016. Regional Network (EORN) to ensure internet reaches remote rural areas. Similarly the Bruce, Grey Huron Region is currently under- taking the $180 million SWIFT ultra -high-speed internet project to see high speed internet reach rural areas in Southwestern Ontario and Niagara region. "Infrastructure will change the way we do busi- ness in the future," he said. Fenn said local leaders have to work to dispel myths about the challenges of doing business in the area, while being realistic about local limitations and the infrastructure needed to meet their goals. "The area has a great deal to offer if it embraces the challenges and opportuni- ties," he said. The afternoon also included segments by Bruce County chief administrative officer Kelley Coulter on a 'Macro Approach' economic development in the region. James Scongack discussed Bruce Power and Bruce County's 'Collaborative Eco- nomic Development Initiative: Stellina Williams spoke on the Nuclear Indus- try's Investment Strategy and the day rounded off with a working session on 'How to collaboratively support busi- ness investment in the region as it relates to Bruce Power's investment activities. n1 REGIONAL TRANSIT SPECIALIZED PUBLIC TRANSIT MENTALLY & PHYSICALLY CHALLENGED RESIDENTS NON -EMERGENCY MEDICAL, SOCIAL & EMPLOYMENT LOCAL AND LONG DISTANCE pm 519-881-2504 IM a 1-866-981-2504 Please visit us at saugeenmobility.ca