On December 10, business leaders from across British Columbia gathered for the BC Chamber of Commerce’s annual Premier & Cabinet Luncheon. Representing the Ridge Meadows Chamber of Commerce, CEO Kristi Maier was among the attendees, engaging in insightful discussions with government leaders and industry peers. The event offered an invaluable opportunity to connect with Premier David Eby, members of his Cabinet, Parliamentary Secretaries, and BC Chamber President Fiona Famulak. Over two hundred guests participated, representing a diverse cross-section of private, not-for-profit, and First Nations sectors.

Premier Eby’s keynote address and a dynamic on-stage discussion with Fiona Famulak provided insights into the province’s economic challenges, priorities, and future opportunities. Here are the key takeaways from the event:

Government Priorities: Economic Focus and Sustainability

The provincial government outlined a dual approach to economic sustainability:

1. Maintaining High Standards – A priority for British Columbia is ensuring that existing businesses continue to thrive while integrating low-carbon production methods to balance economic growth with environmental responsibility.

2. Streamlining Regulations – To reduce unnecessary delays and costs, the government is committed to regulatory reform. By collaborating with businesses and associations, they aim to identify and implement improvements that create a more efficient business environment.

Adapting to Shifting Economic Priorities

The government acknowledged the significant shifts in economic conditions over the past seven years. While early priorities were shaped by low interest rates and pre-pandemic stability, today’s challenges include:

• Supply Chain Disruptions

• High Interest Rates

• Global Trade Threats

• Limited GDP Growth

Adapting regulations to 2024’s realities is critical, with a focus on maintaining high standards and fostering a resilient economic environment.

Addressing Economic and Social Sustainability

British Columbia faces a unique set of challenges:

• Population Trends – Despite recent growth, an aging population raises concerns about healthcare and infrastructure. Approximately 40% of British Columbians are contemplating leaving the province, particularly young people affected by rising housing costs and limited opportunities.

• Affordable Housing – Initiatives include utilizing public land and collaborating with the private sector to develop attainable housing near transit, targeting both low- and middle-income residents.

• Generational Fairness – Addressing housing affordability and providing access to essential services are seen as key to retaining younger generations and ensuring economic stability.

Private vs. Public Sector Growth

The economic review of 2024 highlighted the disparity between public and private sector growth:

• Public Sector – Healthcare and public administration experienced growth of 3.6% and 4.8%, respectively.

• Private Sector – A lower overall economic growth rate of 1.6% indicates increased competition for talent, driven by higher wages in the public sector.

Efforts are being made to balance this dynamic, with recent growth in private sector jobs, especially in transportation, and increased investment in areas like long-term care.

Maximizing Natural Resource Potential

British Columbia’s natural resources remain a cornerstone of its economy. Key initiatives include:

• Streamlining Permitting Processes – Current permitting processes, which can take 12-15 years, are being revised with a goal to cut processing times by up to 50%.

• First Nations Collaboration – The government is working to enhance capacity within First Nations to handle permitting, ensuring meaningful engagement and equity investment opportunities.

• Global Competitiveness – Efforts to improve efficiency and attract investment are essential for unlocking the province’s economic potential and meeting global demand for green products.

Commitment to Collaboration

The Premier emphasized the importance of open dialogue and collaboration with the business community to address challenges and seize opportunities. Initiatives such as reducing administrative barriers, ensuring fairness in resource allocation, and resolving disputes effectively are integral to this approach.

The luncheon highlighted both the challenges and opportunities facing British Columbia. With a focus on sustainability, collaboration, and regulatory reform, the province’s leaders aim to navigate these complex times and foster a resilient economy for future generations.