Strong Economic Recovery Through Growing Trade And Investment
The 2021-22 Provincial Budget supports Saskatchewan's economic recovery by providing an increased focus on international trade and investment.
As a key part of the 2021-22 Provincial Budget, Saskatchewan will be expanding our trade presence through the establishment of international trade and investment offices in four new locations, to be announced in the coming months. The increased trade presence will be funded through the Ministry of Trade and Export Development (TED) Budget with an increase in funding for international offices by $5.0 million to $9.3 million. These new offices will complement recently launched offices in India, Japan and Singapore, and the recently relocated office in China.
"Saskatchewan has shown incredible resilience throughout this pandemic and continues to lead the country in several economic indicators, including exports," Trade and Export Development Minister Jeremy Harrison said. "Increasing our international presence, prioritizing trade abroad and attracting investment here at home will ensure our economic momentum continues with a strong economic recovery."
The budget also provides funding for the government's contract with Harper and Associates, who will continue to provide guidance, advice and support to the provincial government on increasing Saskatchewan's exports, diversifying and enhancing access to foreign markets for Saskatchewan-based products, and attracting investment to the province. The government will also continue its contract with Nelson Mullins, who will provide support to advance Saskatchewan's economic interests and tackle market access concerns in the United States.
Budget 2021-22 continues important incentive programs to support Saskatchewan's economic recovery and position the province as one of the most competitive places to do business in North America. These include the Saskatchewan Chemical Fertilizer Incentive, the Manufacturing and Processing Exporter Tax Incentive, the Saskatchewan Value-added Agriculture Incentive, and the Saskatchewan Commercial Innovation Incentive (Patent Box Program).
TED's Budget also includes $175 million for the Saskatchewan Economic Recovery Rebate. This rebate provides all SaskPower customers a 10 per cent rebate on their power bills and will run until the end of November 2021.