With the U.S. administration levying massive and unprecedented tariffs on Canada, the Greater Victoria economy is facing an existential threat as serious as the one posed by the recent global pandemic.
Now the South Island Prosperity Partnership (SIPP), Greater Victoria’s economic alliance, is taking swift action to safeguard the region’s prosperity — just as it did in April 2020.
On March 5, SIPP announced the launch of Rising Economy Taskforce 2.0, which will bring leaders across the region together to ensure that Greater Victoria’s economic vulnerabilities are being addressed in light of the uncertainties posed by the Trump administration’s threats.
SIPP’s Rising Economy Taskforce 2.0 will begin meeting in mid-March to identify what needs to be done, both in the immediate future and the longer term.
“B.C. is facing unjustified U.S. tariffs, and while the journey ahead won’t be easy, we’re standing strong and united, defending British Columbians, workers and industries. Thank you to South Island Prosperity Partnership for their efforts, and I welcome their input,” the Hon. Diana Gibson, B.C. Minister of Jobs, Economic Development and Innovation, said in a press release.
This new taskforc is a followup to 2020’s Rising Economy Taskforce 1.0, which brought business and community leaders together to assist Greater Victoria’s economic recovery in the early days of the COVID pandemic.
Among its many successes was securing $5 million in project funding for SIPP to launch COAST as an innovation cluster that would establish Pacific Canada as a global blue economy leader. In fact, the taskforce was so successful in preserving the region’s prosperity that it earned two gold awards from the International Economic Development Council (IEDC).
“The Rising Economy Taskforce proved its value during the pandemic by uniting our community and driving actionable solutions,” said SIPP CEO Aaron Stone. “With new threats on the horizon, including a hostile Trump administration and global economic instability, it’s essential that we come together again to shore up our vulnerabilities and ensure our residents’ incomes are protected.”
The relaunched Rising Economy Taskforce 2.0 will focus on several key priorities, including:
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- Understanding our vulnerabilities, including where the tariffs will hit Greater Victoria the hardest and what the implications are as circumstances change.
- Building resident confidence by showing that community and business leaders are co-ordinating response efforts and are responsive to the evolving situation.
- Identifying actionable interventions in response to the U.S. administration’s use of tariffs or other as-yet-to-be-deployed actions.
- Seizing opportunities that align with federal, provincial and municipal goals, unlocking funding and policy support to amplify impact.
- Reducing duplication of efforts by bringing government program leaders, business service organizations and financial institutions together to streamline and coordinate efforts.
- Championing a diverse economy by encouraging investment in emerging industries, such as clean technology, life sciences, the blue economy and the digital economy.
- Keeping a finger on the pulse of the economy by actively monitoring changing circumstances and re-convening the taskforce as needed to address emerging challenges and opportunities.
“As the capital region faces negative economic forces, leaders must come together, engage with the business community, and explore collective actions,” said Sidney Councillor and SIPP committee chair Steve Duck. “SIPP’s Rising Economy Taskforce offers the right structure to react to changing circumstances and co-ordinate next steps — uniting our unique local economies into a stronger, more resilient regional force.”
Image: Josef Hanus/Getty Images
