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And thank you for the opportunity to speak with you today.

Governor... State Representatives and Senators...Ministers… distinguished guests...ladies and gentlemen...

On behalf of the people of the Northwest Territories, I wish to first convey our excitement and gratitude. It is an honour and a privilege for the Northwest Territories to be accepted as an official member of the Pacific NorthWest Economic Region.

We’ve watched from the sidelines for quite some time. Watching this collaborative partnership of legislators, governments and business evolve into a unique and influential regional forum.

We’ve watched as you’ve seized on major economic and environmental issues and worked together on creatively addressing those issues. Not only for the benefit of the 20 million residents of the Pacific Northwest... but also for the benefit of our two countries overall.

We’ve watched with great interest.... Realizing that the issues you’re talking about... the issues you’re addressing... are issues that we increasingly share in the Northwest Territories.

As our territory has grown and evolved as an important part of Canada’s North... we’ve become eager to stretch our legs. To work actively and collaboratively with our neighbours in shaping a bold future for the broader region. To bring our resources and perspectives to the table.

So we jumped at the opportunity to attend your Economic Leadership Summit this past November in Whistler, BC. It gave us an opportunity to demonstrate how the Northwest Territories can be an important and valuable partner in PNWER. And to talk about the ways in which the NWT shares the goals and challenges of the region.

Allow me to recognize the efforts of outgoing PNWER President John van Dongen. We appreciate your support of NWT in joining PNWER and overall the effort and commitment you brought the organization the past year.

Also, Congratulations Senator McQuire on your appointment as PNWER President. The NWT looks forward to working with you on PNWER as we build on the great work already done. Our similarities might not be readily apparent to many people.

After all, the realities of life in parts of the Northwest Territories are, shall we say... “unique” from those in other communities throughout PNWER.

Some of you may have seen the hit show “Ice Road Truckers”. The show definitely qualifies as a reality show, because yes, ice roads really are part of life up in NWT.

They’re built each year on frozen land and water. Literally made of snow and ice. They’re quite remarkable. They drive a lot of people nuts, though, because they take a long time to create and cost a small fortune to maintain. Some even call it our “Arctic Paving Program”. Good for a whole 3 months of the year.

But it’s not all ice roads in NWT. It’s not just a land of snow and cold.

In fact, the Northwest Territories is a diverse, dynamic land...with resilient people, thriving cultures, and hardy spirit.

A place where economy and ecology go hand-in-hand... where we’re committed to developing our resources and economy in environmentally sensitive and sustainable ways.

A place where we identify opportunities... and take advantage of those opportunities through collaborative partnerships between communities and industry.

A place that increasingly finds itself at the crossroads of international shipping, trade, exploration and production.

A small population with big ambitions.

Our diamond industry is an example of those big ambitions.

A decade ago, consumers had never heard of NWT diamonds. Today, Canadian Arctic diamonds have become world-renowned for their quality, and for their mining according to strict labour and environmental standards. They’ve helped fuel the transformation of our territory.

There are now 3 major world-class diamond mines in the Northwest Territories, with the most recent just completed at the end of 2007.

In just 3 short years, between 2002 and 2005, the Northwest Territories produced 12.6 percent of the world’s diamonds on average by value. Now, in full operation, NWT diamond mines produce 15 percent of the world’s diamonds. This makes the NWT the third-largest producer of diamonds by value in the world.

But we didn’t just want to be a raw producer. We wanted to leverage that industry into value-added opportunities for our residents. So we put in plans in place, and we spurred a secondary diamond industry of cutting and polishing in our territory.

Our communities have worked with industry to maximize opportunities in the territory and ensure development in responsible. As a result, the multi-billion dollar investments in the diamond mines have created employment for our residents, boosted our domestic retail and manufacturing sectors, and have resulted in increased average incomes.

This year diamond production will exceed $1.7 billion.

And our per capita gross domestic product today is the highest in Canada... at around $97,000 per person.

For a territory of under 50,000 people, these are remarkable achievements. They’re a testament to what Northerners are capable of accomplishing... and the kinds of opportunities we have in our territory.

In fact, the NWT is ideally positioned to help address many of the major issues that our countries are facing right now.

Most notably is economic growth and recovery.

Like everyone else, we’ve felt the effects of the economic downturn in the NWT.

The squeeze on capital markets has put a pinch on investment... Commodity prices have fallen....

Diamonds, being a luxury good, do not glitter as brightly as they did before...

And messages of economic doom and gloom have been constant in the media.

Despite all this, however, Northerners are upbeat about our economic future. Because rather than focusing on when the economy will recover... we’re choosing to focus on being ready for that recovery.

This global recession is temporary – it’s only a matter of time before things turn around. We’ve seen unprecedented, coordinated action around the world to address the problems in the financial system. Governments everywhere are taking steps to kick-start their economies.

Plus, the world is growing. More people everyday. As we have seen presented during this conference countries like China and India, and other emerging markets, still have aspirations for development and growth. They want their economies to expand. They want to build middle classes that will drive cars, buy computers, and yes... wear diamonds.

To power that development and growth, they’re going to need large amounts of resources.

That’s good news, because for an ample supply of resources, the NWT is one of the best places you could go.

I’ve already talked about our diamonds. But here’s what else the NWT is bringing to the Pacific Northwest Economic Region.

Our territory covers about 1.2 million square kilometers. About half of that is forest. Almost 150,000 square kilometers of this is productive timberland, meaning we’re home to about 12 percent of Canada’s productive forested lands.

In addition to precious stones and metals, we have an abundance of other economically valuable metals. These include uranium...tungsten...and base metals...

And rare earth metals, which are used in products like solar panels...fuel cells... rechargeable batteries.... and electric cars. All the stuff you need for a greener economy.

Both the Western Canada Sedimentary Basin and the Arctic Sedimentary Basin extend into the Northwest Territories, giving the NWT large supplies of oil and gas.

The NWT has approximately 9 billion barrels of estimated recoverable oil reserves. Most of this is undeveloped, just waiting for investors.

This rich and diversified resource base offers amazing opportunities for economic growth over the long term. It is an incredible competitive advantage in a world that will have increasing demand for natural resources.

The challenge is to position ourselves today so that we’re ready for this inevitability. Build and pursue resource projects now, in anticipation of rising demands and stronger resource prices.

From a cost standpoint, current economic conditions have made resource projects more affordable to construct. Labour and materials are easier and cheaper to source. And construction projects would serve as very welcome stimulus throughout our region.

Conversely, if we wait for growth to fully return before we act, we’ll end up playing catch-up. Everyone will be trying to build in an inflationary environment.

The smart and savvy players are the ones who are seizing opportunities now, during this downturn.... “Buying low” so that they can sell high.

So the NWT is looking for those smart and savvy investors. If you’re one of them, we invite you to look north. Because the NWT intends to be a major supplier of the world’s energy and resource needs.

We also intend to be a major supplier of our continental energy needs.

This is another priority issue we share.

Last year for a time both Canada and the U.S. were in election mode. The issue of energy was prominent in campaigns on both sides of the border. In fact it was striking to realize the similarity of the issues.

Both countries want strong economies and economic growth...

Both want stable supplies of energy to fuel that growth and ensure energy security for citizens…

Both want to insulate against volatility of oil prices... through conservation measures and the use of other energy sources…

And both share a public desire to develop and use cleaner energy sources.

American leaders of all political stripes have been very vocal about the desire to reduce reliance on Middle Eastern oil... and turn to other energy sources here in North America.

One of those important sources will be natural gas. Its use has been steadily growing across the continent.

It has become the commodity of choice for home and commercial heating. And increasingly, jurisdictions have been moving to natural gas for electricity generation.

It’s cleaner burning... it’s versatile... it’s an important feedstock in the production of petrochemicals and derivative products. It even has greater possibilities in transportation applications.

The bottom line is that both the United States and Canada will be increasingly relying on natural gas as a continental energy source. There will be growing demand, especially as the U.S. shifts to alternatives.

New sources will need to be developed and brought to market in order to meet North America’s growing demand.

Alaska’s North Slope is one of those sources.

Canadian Arctic gas from the NWT is the other vast source.

Reserves of natural gas in the Northwest Territories are estimated at almost 16 trillion cubic feet… with an ultimate recoverable resource of at least 84 trillion cubic feet.

We intend to bring this gas to market through the Mackenzie Gas Project.

The Mackenzie Gas Project will be anchored by three major Arctic gas fields. It will transport natural gas from the Beaufort Sea and Mackenzie Delta down to Alberta’s extensive pipeline network, where it can easily connect with all major U.S. markets.

The overall Mackenzie Project also involves the construction of a natural gas liquids line, which will also connect with an existing pipeline network. The main Mackenzie Gas Pipeline is shorter than the Alaska Pipeline and has a smaller price tag. But like the Alaska pipeline, the Mackenzie Project will be transformational for our two countries... and it will have benefits for the entire Pacific Northwest Economic Region.

An additional benefit of the Mackenzie Gas Project is that it will provide a trunk that opens up further natural gas production. It will facilitate production from mainland gas fields that are currently stranded. This means even more gas supplies available for North America.

While each project is unique we see them as complementary. Together, they will enable us to maximize production from all of our major Northern natural gas sources.

If we’re serious about reducing our reliance on oil from overseas... and we’re serious about moving to alternatives... both countries are going to require vast supplies of natural gas.

Together, the Mackenzie Gas Project and the Alaska Pipeline will provide our continent with secure, reliable supplies of domestic energy.

In so doing, they will add billions of dollars to our economies... provide good jobs and wages to thousands of citizens in both countries... and create derivative opportunities throughout our provinces and states.

By taking a strategic approach to these projects we can all realize success... and build a stronger, more prosperous region. That is a vision we all share.

Finally, as we shift to secure, domestic energy supplies... we also want to ensure we’re developing energy in cleaner ways that protect our environment.

Residents of the NWT have a deep spiritual and personal connection with the land and with our environment. Many residents of the territory still live traditional lifestyles.

So in our territory it is important that we develop a comprehensive approach to land use that strikes the right balance between economic development and ecological protection.

Right now we’re pursuing planning that will help us make Northern decisions about Northern lands and resources. We’ve undertaken a water strategy, to make sure we’ve got a Northern perspective on how we use our precious water resources.

And we’re developing our own land-use framework. One that respects and considers the special relationship Northerners have with the land.

In a generation we have gone from a nomadic life to a wage economy but people of our territory still have strong ties to the land.

So it is not hard to see that we also share the concern of climate change. Quite frankly, in the Northwest Territories we are the proverbial canary in the coal mine. We are first-hand witnesses to the impacts of climate change.

We are seeing warmer winters, melting sea ice, and melting permafrost,

Melting sea ice the northern deep-water route of the Northwest Passage has become open to shipping during certain seasons... It’s happened two years in a row now. The first two years in recorded history.

Canadian scientists have also revealed that the ancient ice shelves of Ellesmere Island have been disappearing rapidly.

Earlier I referred to winter roads that parts of the NWT rely on. They have a limited seasonal use, and warmer winters are significantly shortening that season. That directly affects the way of life for Northerners.

So we appreciate the need to address climate change, and reduce greenhouse gas emissions, a goal we share.

Now each of our jurisdictions is going to get there in our own way. We each have unique circumstances... our economic bases are different... our greenhouse gas profiles are all different as well. So it makes sense that each province and state will use different policy tools that make sense for them.

Where we see a role for the NWT is in the production and supply of clean energy sources that will help everyone reduce their emissions.

Part of this is will be natural gas, which is cleaner-burning than other fossil fuels.

But we are particularly excited about our potential in renewable energy.

Wind and solar energy technologies have possibilities in the North. Especially since we have a lot of open space... and during the summer months, very long hours of daylight due to our northern location.

We also have incredible hydroelectric potential in the NWT. Our rivers and lakes have the potential to generate an additional 11,500 megawatts of hydro power.

To put that in perspective, Quebec’s massive James Bay Project generates just over 16,000 megawatts. So we’ve got amazing potential.

We are interested in exploring creative ways of unlocking this potential.

Because if we can develop this hydroelectric generation, it will help us insulate ourselves from volatility in fossil fuel prices. It will offset the need for imported oil and diesel.

Hydro power is a cleaner power. So by tapping into that enormous hydro potential in the NWT, we can help Canada achieve its emissions reduction and climate change goals.

And by connecting NWT hydro with the broader electric grid, we can also provide new sustainable power supplies for export to our Canadian and American neighbours. Providing the energy we all need to grow, while helping reduce greenhouse gas emissions.

We believe NWT hydro can augment the sustainable energy mix in the Pacific Northwest Economic Region, and help further position this region as a leader in clean energy production.

We’ve released an Hydro Strategy that sets a vision for developing this potential through a combination of mini-hydro, small hydro and larger hydro projects. We’re looking for creative, innovative and entrepreneurial players to help us unlock this opportunity.

Creativity, innovation and enterprise are synonymous with the Pacific Northwest Economic Region. So as we join this forum, we are excited about the new relationships we will establish and the ideas and perspectives we’ll learn.

Ladies and Gentlemen, that is the Northwest Territories today. These are some of the opportunities we bring to the table.

These are some of the ways in which we believe the NWT will be a valuable contributor in further enhancing our region’s competitiveness... leveraging our region’s influence... and fostering future economic growth while preserving our precious environment and natural beauty.

Our territory is privileged to be welcomed into PNWER... and we look forward to working with our neighbours in the years ahead.

Northerners have been struck by the growing attention our territory is attracting. From ice road truckers... to international investment... to a new global race for Arctic energy resources... our Northern land has become a crossroads and a focal point.

More and more people across North America... and across the world.... are looking to the North as the new frontier that will fuel our future prosperity.

We Northerners call it home.

And we’re excited to share its benefits... opportunities and beauty with all of you.

As I conclude, I invite you to explore the land we call home.

I invite you to “Look North”. At the Northwest Territories.

Now that we have given you a small taste of the NWT we are pleased to sponsor a visit to Yellowknife, NWT to experience it first hand. Under one chair in this room is taped an envelope with a trip for two. Please check under your chair seat now and good luck.