Invest Vancouver service launched to bolster region’s economic development

VANCOUVER—Invest Vancouver, an economic development leadership service, has been launched with the goal of boosting economic opportunity and prosperity for the region’s residents.

“The global economy is rapidly evolving and our region is at a critical juncture — we either respond and evolve or get overtaken and passed by,” said David Flaks, president of Invest Vancouver, in a statement. “To help achieve the region’s economic priorities, Invest Vancouver will advance greater co-ordination and collaboration that is necessary for economic development success in a digital age economy, moving beyond the zero-sum competition that is practiced in many other regions around the world, and bring the scale necessary to compete with the Shenzhens, Tokyos and Mumbais of the world.”

The service was originally named the Regional Economic Prosperity Service.

Invest Vancouver stated it has sought extensive input over the past year with local leaders and organizations to identify the region’s four economic development priorities: invest in the people of the region, catalyze innovation, build capacity in key export-oriented industries and increase global connectedness.

“Metro Vancouver has been repeatedly crowned as one of the most desirable places in the world to live by many global publications, however, too many residents living in this region face far too many economic hardships, including the unsustainably high cost of housing and a growing shortage of well-paying, future-proof jobs,” said Sav Dhaliwal, chair of the service’s management board and the Metro Vancouver Board of Directors. “We are bringing regional scale and perspective to advance a more resilient economy and to usher in our region’s next economic renaissance — one that grows prosperity outwards, not just upwards.”

The service stated it is ramping up its work in various ways, including building and strengthening key economic development, trade and investment partnerships and collaborations; engaging with decision-makers on industrial development policy and opportunities to catalyze innovation; and convincing global investors to consider the Metro Vancouver region as a global industry and innovation hub.

“Despite the challenges of the pandemic, British Columbia is leading Canada in economic growth, and we have no intention of slowing down,” said Ravi Kahlon, minister of jobs, economic recovery and innovation. “Invest Vancouver will support our economic recovery by attracting partners from around the world to support the people and businesses that make Metro Vancouver such a desirable place to work and live.”