While international global markets crumble, Thunder Bay’s economic development chief isn’t the slightest bit nervous about the city’s future prospects.
The CEO of the Thunder Bay Community Economic Development Commission rolled out its playbook last summer, their Strategic Action Plan 2008-2010.
If that seems a tad short-sighted, Demmings said one needs only to look at the upheaval in the global financial markets since the September stock markets crash,
“Anybody who writes a strategy plan based on 10 years is nonsense.”
Demmings want the city’s economic outlook to be flexible enough to follow the latest trends and be able to quickly change gears when opportunity arises. All the graphs in the document, he expects to have updated within 12 months to make any alterations as required.
“But in terms of our focus, it’s bang on.”
The document takes a holistic approach in promoting development opportunities and the cheap cost of doing business. But it’s also selling Thunder Bay’s quality of life with information on smog-free days, its congestion-free streets, affordable housing and overall liveability.
There’s new business prospects in mineral exploration, back-office support, logistics, knowledge-based companies and green energy capacity.
A big priority is based around infrastructure development, said Demmings, a issue that’s been articulated by federal Finance Minister Jim Flaherty, B.C. Premier Gordon Campbell and Ontario Premier Dalton McGuinty.
That means infrastructure renewal for the Port of Thunder Bay, major area highways and Thunder Bay airport. “Our future is so interconnected with being a service sector for Western Canada.”
The evolution of Western Canada as a regional superpower is reinforced in their strategic plan.
Alberta, Saskatchewan and Manitoba are the new ‘it’ provinces as an energy super-corridor in oil, uranium and new hydro-electric development. And Thunder Bay needs to tap into that as a service centre.
Though its been a tough fall in the Canadian mining sector and especially in Thunder Bay’s forestry industry, but it hasn’t stopped the CEDC from making intros between businesses in the natural resources sector.
He’s keeping things in perspective with a medium to long-term approach on the world economy. The saving grace is the Far East where a growing middle class continue to demand our resources commodities that are above and below ground.
“Do you believe China and India will cease to exist? They have in excess of 30 per cent of the world’s population. I don’t believe it is Armageddon. I believe the demand for palladium, gold and silver, copper, wheat, barley, corn and oil will continue unabated.
“Now is the time to focus on infrastructure development,” and ratchet up joint marketing programs with other cities.
It means hitting the industry trade shows and getting face time with Western Canadian corporate entities engaged in potash, uranium, hydro and oil sands development.
Thunder Bay’s Oil Sands Consortium is broadening out into a larger Northern Ontario-wide initiative.
Demmings said the city’s biggest strength is its strategic Central Canada location and the city’s ability to service a western market that can’t get labour.
After the city staged its first-ever mining summit in October, the department is determined to have a greater stake in the mineral supply sector. They’re forming focus groups to build relationships with junior exploration companies and the big majors to identify what’s needed in the community to support and build a mining supply cluster.
An eventual on-line catalogue of suppliers will be one of the outcomes.
Despite layoffs in the mining industry and juniors cutting back on exploration, Demmings said he was astonished and encouraged by the sheer amount of activity by companies operating in the northwest.
“I don’t have a crystal ball but there’s going to be a need to step back and conserve cash and see where the bottom of the market is, and get your bullets in the gun, because I believe the economy will come back roaring.”
Demmings has been frequent visitors to local industry trade shows, making more than 50 presentations, and actively soliciting feedback on questionnaires for their business retention and expansion plan.
“I’ve spoken at these conferences letting out-of-towners and folks in the mining business know who we are and what we’re doing and what the mission is.”
What’s critical to Thunder Bay is forging relationships with senior government officials, politicians and manufacturers to ensure the city gets its share of infrastructure funding to be an active player in the North American Gateway transportation and distribution corridors.
