Many Indigenous businesses face systemic barriers to procurement opportunities despite being a vital part of Canada’s economy, says a new report from the Ontario Chamber of Commerce and Canadian Council for Indigenous Business (CCIB).
The report, entitled A Way Forward: Ontario’s Path Towards Economic Reconciliation, Equity, and Inclusive Growth, dives into the challenges of accessing capital, potential solutions, and strategies for fostering a thriving Indigenous economy and offers practical tools for Ontario businesses and institutions to advance reconciliation.
It's part of a series aimed at advancing the Truth and Reconciliation Commission’s Call to Action 92.
Financial institutions, large resource companies operating on Indigenous lands, local chambers of commerce, and small and medium-sized businesses all have a role to play in supporting a thriving Indigenous economy, says a joint news release from the chamber and the CCIB.
The report’s authors send a reminder to all that most Indigenous communities haven’t shared in the wealth of natural resource development on their traditional lands. Government policy has historically excluded Indigenous people from participating in the process of wealth creation.
The Canadian economy works best when everyone is included, the groups say. To address the productivity and growth issues in Canada, it’s essential to create a thriving economy by supporting the economic development of Indigenous peoples with meaningful partnerships and by incorporating Indigenous traditional knowledge and worldviews.
There are an estimated 74,000 to 115,000 Indigenous enterprises participating in Canada’s economy.
Among the key recommendations in the report include enforcing Indigenous content requirements on bids, engaging early with Indigenous community to build trust and ensure mutually beneficial project outcomes, and helping Indigenous businesses navigate complex procurement systems.
“Without equitable access to procurement, economic reconciliation isn’t real,” said Daniel Tisch, Ontario chamber president-CEO, in a statement.
“By understanding the barriers facing Indigenous businesses and helping them navigate complex procurement systems, public institutions, private companies, and not-for-profits can support Indigenous self-determination and build shared prosperity.”
"Indigenous businesses are deeply rooted in community, and procurement can be a powerful economic tool to generate lasting, positive impacts,” said Angela Mark, the research director for CCIB. “When Indigenous entrepreneurs are meaningfully included in procurement opportunities, it leads to economic growth and prosperity that strengthens communities across Canada.”
