Central Alberta could soon be a topic of discussion in corporate boardrooms in the United States and Europe.
At least that’s the objective of two economic associations seeking to bring foreign direct investment to this area.
Red Deer Regional Economic Development (RDRED) and Central Alberta Economic Partnership (CAEP) are in Phase 3 of a campaign to diversify and strengthen the regional economy by attracting foreign businesses.
The process started two years ago with a “gap analysis study” to identify the types of companies that would most benefit the Red Deer area, said Erin Gates, an economic development specialist with RDRED. The resulting list of sectors was narrowed to manufacturing, transportation and logistics, and agri-food processing.
Last year, RDRED and CAEP began compiling a database of prospective investors in the United States and Western Europe. By December, 115 qualified leads had been identified.
They also initiated a project to rebrand the region to enhance its appeal to international investors. That work is expected to wrap up by the end of February, said Gates.
The third phase of the initiative — which began this month — involves face-to-face meetings with 20 of the most promising leads.
“We would expect that we’d be finished the 20 leads by the end of March,” said Gates
“Our goal is to attract two companies to expand their businesses into the Central Alberta region.”
The remaining leads would be pursued thereafter, she said.
“Foreign direct investment is a really powerful tool for economic diversification and stabilization,” said Gates.
Al Kemmere, CAEP chair and the reeve of Mountain View County, agreed.
“Anytime we get ingrained in one type of economy, there’s a little bit of a risk to that.”
He added that the arrival of new businesses would bring a welcome injection of capital to the region.
“With this being foreign direct money that potentially is coming to Central Alberta, it’s an economy stimulus.”
Kemmere praised RDRED for initiating the foreign direct investment project and bringing CAEP on board.
“We’re able to take the advantages of this initiative and spread it out through Central Alberta.”
CAEP has worked hard to help its members prepare for outside investment, and this initiative dovetails nicely with those efforts, he said.
Funding for the second phase of the project came from Invest Canada — Community Initiatives, a program of Foreign Affairs and International Trade Canada that provided $30,000. RDRED matched this amount and CAEP provided in-kind support, said Gates. The third phase attracted $180,000 from Community Futures Alberta’s Rural Diversification Initiative, with RDRED kicking in a further $120,000 and CAEP to contribute an amount that’s still to be disclosed.
RDRED is an economic partnership consisting of the City of Red Deer, Red Deer County, the Red Deer Chamber of Commerce and Red Deer College.
CAEP is a regional economic development alliance involving 41 members and 13 associate organizations that promotes rural economic development and diversification.
RDRED and CAEP’s foreign direct investment initiative will be discussed at the Chamber’s Ambassadors Luncheon on Feb. 3. For more information, call the Chamber office at 403-347-4491.
hrichards@www.reddeeradvocate.com