The Government of Saskatchewan has unveiled its investment attraction strategy, titled “Securing the Next Decade of Growth: Saskatchewan’s Investment Attraction Strategy.”
The plan aims to bolster investment in the province and further the objectives outlined in Saskatchewan’s Growth Plan, which targets $16 billion in private capital investment annually.
Trade and Export Development Minister Jeremy Harrison emphasized the strategy’s alignment with Saskatchewan’s strengths as an ideal investment destination.
“The new strategy builds on Saskatchewan’s many advantages as the best place to invest in the nation,” said Harrison. “This will lead to more opportunities for local, national, and international investors, solidifying our province’s position as a leader in private capital investment.”
The strategy comes on the heels of a significant surge in private capital investment in Saskatchewan, with a nearly 25 per cent increase in 2023 and a projected 14.4 per cent increase in 2024.
The strategy focuses on three key pillars:
- Build – creating opportunities in new and emerging sectors to drive investment and diversify the economy;
- Grow – leveraging previous successes and capitalizing on existing strengths in Saskatchewan’s key sectors and
- Connect – connecting the world to Saskatchewan to ensure the province remains a secure, reliable supplier of goods and services.
As part of the strategy, the provincial government launched a new website, investSK.ca, which will serve as a gateway to the province for international business and investors and provide an overview of Saskatchewan’s economic sectors and investment opportunities.
The Government of Saskatchewan also announced new, expanded, or improved incentives.
- The new Saskatchewan Critical Minerals Innovation Incentive will support innovation commercialization projects that target emerging critical minerals, including helium, lithium, rare earth elements, copper, zinc, magnesium, nickel, gallium, and aluminum, through a 25 percent transferable royalty/freehold production tax credit.
- The new Critical Minerals Processing Investment Incentive will support the development of critical mineral processing, establishing Saskatchewan as a rare earth elements hub. The program will provide a 15 per cent transferable royalty/freehold production tax credit to support the development of processing facilities for ten emerging critical minerals in Saskatchewan.
- The new Multi-lateral Well Program will provide an incentive to help jumpstart the use of this new, more sustainable drilling technology.
- The expanded Saskatchewan Technology Start-up Incentive is a non-refundable 45 per cent tax credit to individuals, corporations, and venture capital firms that invest in eligible technology start-ups. This program will see a doubling of its annual tax credit cap from $3.5 million to $7 million and expanded eligibility to include clean technology.
- Two successful existing incentives, the Oil and Gas Processing Investment incentive and the Saskatchewan Petroleum Innovation Incentive, are being extended for five more years to 2029.
These new and expanded programs will complement successful programs such as the Saskatchewan Value-Added Agriculture Incentive, the Manufacturing and Processing Investment Tax Credit, and others.
