Empowering Communities Through Strategic Investment and Development
The Regional Economic Development Initiative (REDI) is at the forefront of fostering economic growth for its member municipalities in Northwest Alberta.
Community & Investment Profiles
By leveraging years of meticulous research and comprehensive data gathering, REDI has created detailed community and investment profiles highlighting the region’s unique competitive advantages. These profiles serve as a cornerstone for attracting downstream businesses and industries, adding significant value to the regional economy.
REDI’s approach to economic development is deeply rooted in a comprehensive understanding of the local economy, demographics and industry trends. Over the years, REDI has invested substantial resources into research and data gathering, fostering extensive collaboration with local governments, educational institutions and industry leaders. This inclusive effort, which is a testament to the region’s commitment to economic growth, has resulted in the creation of accurate and insightful community and industry profiles, providing a detailed overview of the region’s strengths, including workforce capabilities, infrastructure and key economic sectors.
Business Case Development
“By presenting clear and compelling data, REDI makes a strong case for why investors should consider the region as a prime location for their businesses,” said Lisa Wardley, REDI Chair.
One of REDI’s primary strategies for fostering economic growth is to attract downstream businesses that complement Northwest Alberta’s existing industry and capabilities. The region offers a competitive advantage with its rich natural resources, skilled workforce and strategic location.
For instance, the agriculture industry in Northwest Alberta is a powerhouse, producing a variety of high-quality products, from conventional and organic grains and livestock to specialty crops. REDI is actively seeking to attract food processing companies that can add value to these raw products, thereby enhancing the region’s agricultural sector.
Similarly, the energy sector, with its significant potential for extracting lithium and brine-hosted minerals and renewable energy technologies, is a prime area for investment, further diversifying the region’s economic landscape.
“Over the past two years, REDI has crafted 20 new business cases to attract local and outside investment. These business cases have strategically targeted various sectors,” said Wardley. “Notably, the forestry industry has emerged as a significant area of focus, with seven distinct business opportunities identified. These opportunities span from I-beam floor joists and engineered beams to coloured mulch and biodiesel. REDI has highlighted the region’s potential and provided a clear roadmap for prospective investors.”
Investment Tours
Recently, REDI has taken a significant step forward by organizing investment tours for potential outside investors. These tours are designed to provide an immersive experience that showcases Northwest Alberta’s unique advantages. Investors are accompanied to visit key industrial sites and transport infrastructure, meet with local business leaders and gain first-hand insights into the region’s economic potential.
“Investors are given a unique chance to converse directly with current business owners, councillors and landowners,” said Wardley. “This direct engagement allows them to glean comprehensive insights and firsthand accounts of the region’s immense potential and dynamic business environment.”
The investment tours highlight the region’s infrastructure, including transportation networks, available greenfield sites and education and research facilities. They also emphasize the quality of life in Northwest Alberta, with its vibrant communities, excellent schools and recreational opportunities. By presenting a comprehensive and attractive regional picture, REDI aims to convert investor interest into tangible economic investments.
“Investment tours are important; they provide an informative welcome to the region. None of this would be possible without the close collaboration between local municipal planning staff, councillors and the local business community,” said Andrew O’Rourke, REDI Manager. “By working together, we’ve created an environment where investors can see firsthand facilities like the West Fraser OSB Mill, the Tolko Sawmill in High Level, Long Run Exploration Ltd., the La Crete Seed Cleaning Plant and Mackenzie Applied Research Association in Fort Vermilion.”
REDI’s efforts to foster regional economic growth in Northwest Alberta are multifaceted and strategic. Through meticulous research and data gathering, REDI has created valuable community and investment profiles that serve as powerful tools for attracting businesses. By working with industry partners, REDI promotes the region’s competitive advantages and seeks to enhance existing industries.
“During the two tours in August, investors from outside the region got a front-row seat to doing business in the REDI Region—complete with current feedstock data, new infrastructure on the horizon and the economic benefits of building, owning and operating in the region,” said O’Rourke.
The recent introduction of investment tours marks an exciting new phase in REDI’s strategy. They offer a dynamic way to engage potential investors and showcase the region’s potential. As REDI continues to drive economic development, it plays a crucial role in empowering its member municipalities and creating a prosperous future for Northwest Alberta.
Learn more about REDI's Invest Here Initiative: rediregion.ca/investhere
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