Invest.Build.Grow logo with maple leaf

Economic Growth Action Plan


Programs icon showing three gearsPrograms

Access to Capital

Throughout the public engagement process, we heard about the need for greater access to capital for businesses in all regions of the province and at various stages of their life cycle.

The Manitoba government will create a new Innovation Growth Program (IGP) and a renewed Tax Increment Financing Framework to augment government's existing suite of tax credit incentives for business:

 

Innovation Growth Program (IGP)

The program will encourage private sector investment by small-to-medium enterprises (SMEs) to develop and commercialize innovative new products. The IGP will support SMEs in the development and growth stages of the business life-cycle to de-risk innovative product development, accelerate growth and strengthen SMEs' financial position so they can secure future funding to build their business in Manitoba. Growth, Enterprise and Trade will work collaboratively with strategic partners to develop the IGP criteria to ensure it meets the needs of Manitoba's SMEs.

 

Tax Increment Financing Framework (TIF Framework)

Manitoba's new TIF Framework will strengthen the use of tax increment financing as a tool to encourage economic growth across Manitoba. Leveraging private sector investment and ensuring a return on investment for Manitobans underpin the Framework. Municipal Relations will work with key stakeholders to develop the application process, investment priorities and outcome measurement in the coming weeks.

 

Workforce Development

Skills, Talent and Knowledge Strategy

Manitoba Education and Training will develop a cross-cutting framework to ensure that the province has the right skills, knowledge and talent to enable a thriving economy. This strategy will build on Manitoba's strengths to provide opportunities for the existing workforce as well as develop future talent. It will support a better post-secondary education system and partnerships to improve job creation and retention, and ensure student outcomes are aligned to an ever-changing competitive labour market.

The strategy will be informed by education and employment training providers, industry stakeholders, and existing reviews and recommendations. Consultations will begin in early 2019.

 

Government-wide Economic Development Program Review

In its Framework for Economic Alignment and Growth, Deloitte recommended a review of all economic development programs delivered by the Manitoba government.

The co-chairs' report, Growing Manitoba's Economy, also identified duplication and fragmentation of programming across departments as a barrier to economic growth. The report recommended that policies and programming be aligned across government and with other governments and agencies to improve overall responsiveness to Manitobans.

GET will begin immediate work to lead a government-wide program review. The objective will be to align programs with Manitoba's economic development goals, streamline and consolidate programs to eliminate duplication if required and to identify opportunities for collaboration across departments and with other levels of government and other agencies.

The outcome will be programs that are targeted, effective and efficient.

 

Back to home