Positioning Vancouver for our Economic Future

It has been two decades since Vancouver had a clear economic development plan. A long-term plan for local businesses hasn’t been a priority for past city councils. But with the Olympics coming, we’re changing how City Hall does business.
That’s why I’m very pleased that the Vancouver Economic Development Commission has a long-term economic strategy for our city coming this November.  The VEDC is tasked with helping existing businesses, attracting new ones, researching business issues and making policy recommendations, but has often operated in isolation from City Hall. Not anymore.
I campaigned on making Vancouver the greenest city in the world by 2020, but what many people have failed to recognize about this pledge is that it has a strong economic component to it. Going ‘green’ is about being more efficient – and that means saving money.
Last week I launched the “Vancouver Green Capital” campaign, which is a business brand designed to take full advantage of hosting the world in our city next February. We need to capitalize on the huge economic opportunities that hosting the 2010 Games brings us. A clear, consistent business brand allows us to define Vancouver on our terms and make it clear to thriving businesses in clean energy, digital media, and IT sectors that they are welcome to set up shop in our City.
There’s a number of other programs in the works. Along with the VEDC’s strategy for Vancouver, we’ll also be formally announcing a new economic partnership with neighbouring municipalities. This will allow us to pool our resources and work together in a way that we haven’t done before.
City Hall is also pursuing ideas such as a low carbon economic development zone. These zones, growing in popularity in Asia and the United States, spur economic activity and create jobs through financing mechanisms and technology exchanges. I have been in talks with several US cities across the Pacific Northwest to collaborate on making this zone a reality, and our intention is to enter into a deal with the State of California later this year.
There’s a lot of positive work being done for the long-term economic health of our City and the region. I am excited about the potential of this new direction for Vancouver. We are putting the City in a position to capitalize on the ‘green’ shift that is currently taking place in the global economy, which will provide benefits to our local economy for years to come.