The Tripartite Forum Economic Development Working Committee hosted a discussion of economic development.
Michael Polak, Executive Director of Finance and Administration with Pictou Landing First Nation (PLFN), presented on the multi-dimensional approach for sustainable and impactful growth within an Indigenous context, at the Tripartite Forum Economic Development Working Committee’s April 24th meeting in New Glasgow.
Michael, who is Mohawk, Bear Clan with maternal ancestry in Tyendinaga, expounded upon novel economic opportunities available to First Nations and Indigenous communities, and laid out the case for each through six key points:
- Understanding economic variables – To better predict and navigate the economic landscape, he stressed the importance of knowing global economic climates, credit cycles, where we stand in those cycles and the potential impacts on inflation and investment.
- Integrating Indigenous perspectives – Rather than prioritizing short-term gains like in traditional economic models capped at 25 years, he said Indigenous approaches, advocated specifically by PLFN, consider long-term impacts, considering benefits and sustainability over a century.
- Leveraging treaty relationships – He noted that Indigenous communities have unique advantages bolstered by Treaty rights, that are not available to non-Indigenous entities, and that these advantages can help secure a better financial position in current economic conditions that resembling the 1930s.
- Adapting to technological evolutions – With a broad transition from the third (internet/information-age) Industrial Revolution to the fourth (cyber and automation-focused) Industrial Revolution, Michael told committee members the time is forthcoming for Indigenous communities to assert themselves in the new economy. This is a process involving proactive stances while negotiating with governments and industries.
- Sovereignty in economic strategy – With an economic strategy spanning domains that include financial, legal, data, energy and food, PLFN participates and controls critical sectors, with developments reflecting Indigenous values and needs.
- Focused economic sectors – The six areas of development in PLFN prioritizes for development include: data and technology; clean energy; fisheries and aquaculture; forestry and agriculture; culture and tourism and environmental remediation. These development areas include traditional and emerging markets, for growth and sustainability.
- Cultivating Entrepreneurship – Michael told committee members the plan involves nurturing a strong spirit of entrepreneurship among PLFN members. Enabling them to pursue and creature new ventures creates a resilient and dynamic economy benefitting PLFN and the broader region
Click here to see the slides Michael used in his presentation.
