Frequently Asked Questions
What is Indigenous economic development?
Indigenous economic development involves activities that support Indigenous communities through business development, jobs, and natural resources. It can include community-owned businesses, private enterprises, and partnerships with industry.
Does economic development help Indigenous communities?
Yes! Benefits include job creation, community infrastructure development, revenue generation, and increased control over natural resources. It can also lead to funding for community services, health care, education, and cultural preservation generated through the local economy.
Is Indigenous economic development part of reconciliation?
Indigenous economic development is a part of reconciliation that addresses economic inequities and builds stronger relationships between Indigenous and non-Indigenous Canadians.
What challenges do Indigenous communities face in economic development?
Many communities face challenges like limited access to capital, legal issues, infrastructure gaps, and barriers to building partnerships with industry.
Do Indigenous values and traditions influence economic development?
Absolutely. Indigenous values emphasize sustainability, seven generations, community well-being, respect for the land, and a long-term approach to resource management. These values shape economic development projects and guide decisions.
What role can partnerships play in Indigenous economic development?
Partnerships with governments, private industry, and financial institutions are often a part of Indigenous economic development. They can provide access to capital, technology, and expertise to support projects.
How can non-Indigenous businesses collaborate with Indigenous communities?
We advise non-Indigenous businesses to seek opportunities to form equitable partnerships, joint ventures, and procurement agreements. These collaborations must include cultural sensitivity, mutual respect, trust, and benefit-sharing.