2010 continued the previous year’s challenging economic climate, with our local economy cautiously moving forward. During 2010, unemployment reversed its recent trends falling from a high of 7.6% to 5.6% by the end of the year. While each sector in our region’s economy was affected differently and to different degrees, the Conference Board of Canada estimates that the region’s economy grew by 2.4% in 2010. This was due in some part to the region’s diversity, with growth in knowledge-based industries helping offset declines in other sectors. Moving forward, the tone remains one of cautious optimism with predictions for 2011 of continued growth in the area of 2.4%, increasing to 2.8% in 2012. Unemployment in the region is predicted to be in the area of 5.4%, which while higher than

two years ago, is a full two percentage points lower than both the provincial and federal averages. With stronger growth predicted in a number of sectors, regional efforts to attract and further develop a young and dynamic workforce will again take center stage to ensure that our community can fully embrace the opportunities that will be presented as global economic conditions continue to improve.

GVDA 2010

A natural place for investment

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As the lead economic development agency for the region, the GVDA seeks to ensure that our community is a “balanced community” - one where the quality of life we treasure is sustained and enhanced with quality of opportunity. It is this balance that will help move us

forward as a region, creating household sustaining jobs for our citizens and allowing us to invest back in our community.

As a small business owner, I have shared many of the same experiences of our local industries over the past year. As we move forward in the coming

months and years, we must continue to keep our eyes on the horizon seeking new opportunities, but always remain mindful of the lessons that were learned and the challenges that remain.

Our shared experience has also reinforced the importance of building strong partnerships, emphasizing the benefits of collaboration in order to achieve our full potential as a region. I would like to thank all the Greater Victoria Development Agency’s partners and stakeholders who have supported and contributed to our efforts over the past year. Together we will help ensure that Greater Victoria remains a vibrant place to live, work and invest.

Business Development

• Help becoming export ready• Local government/business procurement• International market development

Sources of Investment Capital

• Government investment programs• Sources for angel investors• Sources of venture capital

Labour Market Development

• Find new sources of employees• Help with attracting foreign workers• Regional co-op education opportunities

Starting a New Venture

• Business plan assistance• Business mentoring sources• Funding options and sources

Regional Partnerships

• Research and development opportunities• Public - private sector partnerships• Information on regional associations

Regional Information and Statistics

• Economic statistics• Regional demographic information• Regional quality of life indicators

Robert Bennett

2010

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Contact Sasha Angus, Economic Development Officer at 250.383.7191 ext. 204 or by email at sangus@gvda.ca

—www.gvda.ca—

Message from our 2011 Chair

How can the GVDA help your business?

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As the economic development agency for the Greater Victoria region, the Greater Victoria Development Agency seeks to help local businesses grow and provide new employment opportunities for the citizens of our region. From assisting new start-up companies to some of our region’s largest employers the agency provides a broad range of services and plays a number of roles in order to help foster our best and brightest companies and individuals. In 2010, the GVDA provided assistance to over 200 local companies that collectively employ over 3,500 people in the Greater Victoria region.

With the very kind support of TELUS, the GVDA developed a business retention program centred on the TELUS World Skins game in June. Reaching out to a number of international businesses in our community, the GVDA was able to rally the support of the region’s business community to reinforce their investment in our region. Helping to retain the region’s best companies while encouraging new investment in our community are major priorities for the Greater Victoria Development Agency.

The GVDA has been a tremendous resource for our business. We were looking at new business opportunities overseas and their advice was a huge support in our success. If you are looking for practical and effective advice, the GVDA is the place to go.

Larry Cole, President and CEO, Madesco Technologies

2010

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GVDA Helps Support Local Businesses

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During our Olympic year, the GVDA ensured that Greater Victoria was on the podium in terms of offering a competitive business environment according to KPMG’s 2010 Competitive Alternatives report. In all of the Pacific Northwest, Victoria was second only to Vancouver, losing first place by only 0.8 of a point.

Third party research like the KPMG report, which investors use to inform their business location decisions, is verifying precisely what the GVDA has been telling the world, that Greater Victoria is a natural place to do business. As a region, we hold our own in competitiveness against any other significant jurisdiction in the province and Pacific Northwest market place.

The study compares business competitiveness for more than 100 cities in ten countries. The study measures the combined impact of 27 significant cost components that are most likely to vary by location, such as labour, facilities, land, construction, transportation, utilities, and income taxes.

The baseline number used for comparison is that of the US average with other countries and cities measured with costs either above or below that baseline. The region’s competitive scale came in at 95.7, while Vancouver was 94.9. Victoria beat other locations like Seattle, Spokane, Portland and San Francisco.

The Greater Victoria Development Agency was pleased to be a sponsor of the study and provided general information on the major industry sectors in the region. The number crunching in the study was done independently through KPMG.

2010 KPMG Report puts Victoria on the Map

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In April of 2010, the Greater Victoria Development Agency took a leading role with regional stakeholders on a successful trade mission to China. The mission showcased Greater Victoria as one of the world’s most livable cities and the strengths and opportunities in our local economy. It promoted Greater Victoria’s tourism, higher education and technology sectors, leveraging the region’s long-standing relationship with Suzhou, China while establishing new relationships in both the private and public sectors. Highlights of the mission included two new trade agreements with the cities of Changsha and Nanning, as well as multi-million dollar business opportunities for the region’s education and tourism sectors. Since the mission to China, the region has seen considerable interest from Chinese investment groups, including a new memorandum of understanding with the Changsha national technology zone, and trade delegations including the Mayor of Nanning and the Deputy Minister of Science and Technology for the People’s Republic of China.

In September the Greater Victoria Development Agency supported the City of Victoria in renewing their sister-city agreement with the City of Morioka, Japan. The mission strengthened the relationship between the two region’s

chambers of commerce and included high level meetings with the Japan Agency for Marine-Earth Science and Technology highlighting the region’s marine technology sector.

The region has a tremendous number of sustainable development related companies, research and construction projects, and for a number of years now the Greater Victoria Development Agency has been working on fostering the region’s “green” business sector. In 2010 the GVDA began work on the Cascadia Green Business Cluster in collaboration with our counterparts in Vancouver and Seattle to redefine the word “powerhouse”

for a new generation of sustainable technologies. Together with industry and academic partners the three jurisdictions will work together to brand the region and provide a strong platform for new green innovation, increasing investment and opportunity in the sector. The partnership was formally recognized in Victoria earlier this year when the Federation of Canadian Municipalities held their annual sustainability conference in the region.

GVDA Helps Foster Green Business

2010

GVDA Helps Open New Trade Doors for the Region

Highlights:• Met with major Chinese developer (Heung Kong Group) re: the Butchart Gardens and Victoria, BC promotional campaign• University of Victoria reached an agreement to work with Hunan University on MBA program• Met with senior management of top 3 Chinese tour operators, Shanghai CYTS Tour Operation, Shanghai Jin Jiang Tour Co Ltd and Shanghai China Int’l Travel Service about approved destination status for Canada

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story to tell regarding economic opportunity, and Business in Greater Victoria helped paint that picture for investors and businesses around the world.

For more information on how your organization can participate, or to advertise contact Jody Beck, Account Manager at Page One Publishing Inc. at (250) 595-7243 or email jbeck@pageonepublishing.ca

The Greater Victoria Development Agency worked very hard in 2010 letting the world know Greater Victoria is open for business with the second edition of Business in Greater Victoria. Twenty thousand copies of the publication were distributed to businesses and investors in main Canadian cities, San Francisco, Seattle, and to the Department of Foreign Affairs in North America, Europe, Asia and the Middle East. The aim of the publication was to invite investment and further diversify our local economy and all its sectors. An important regional initiative, the publication highlighted Greater Victoria’s key business sectors, economic strengths, labour force, as well as lifestyle qualities including real estate, climate, commuting, transportation and green and safe neighborhoods. The region has a tremendous

Advertising Greater Victoria to the World

2010

The Business Development Guide is a terrific publication. It captures not only the multitude of business opportunities here, but it actually captures the essence of Greater Victoria. Through a balanced use of images, text and data, the guide is an absolute winner.-Rob Gialloreto, CEO, Tourism Victoria

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Throughout 2010, the Greater Victoria Development Agency continued to play a leadership role in the region and on Vancouver Island, reaching out to all our stakeholders to continue fostering a positive economic environment. One such example was the Linked Project undertaken by the Vancouver Island Economic Alliance and supported by the GVDA. The Linked Project was a major Island wide initiative to conduct interviews with community and business leaders and develop a strategic plan to address common economic development issues on a regional basis.

In the region, the GVDA worked closely with the City of Victoria in the development of an economic development action plan to retain and attract economic growth to the Capital City. The strategy will include an assessment of the City’s economic development and employment growth prospects in the short, medium and long term, opportunities to strengthen and diversify the local economy and identify the subset of opportunities that are focused on environmental services, green technology, sustainable building strategies and environmentally-friendly sectors of the economy.

2010

Working With Our Regional Partners

As major economic stakeholders, our academic institutions play a significant role in the region, and will continue to be economic drivers in this region’s mainly knowledge-based economy. It is with that understanding that we were delighted to support the University of Victoria, joining the University’s Civic Engagement Steering Council. Including other organizations such as the Victoria Foundation and reporting to the President of the university, the council provides input and guidance on how UVic can best support the needs of the region and engage their students in our community. Increasingly as global economic and demographic forces spur the competition for young bright minds, these efforts will play a critical role in attracting and retaining a young and dynamic workforce for employers in the region.

From Left to Right:

• Russ Burke, Canadian Western Bank • Cori Lynn Germiquet, Vancouver Island Economic Alliance • Sasha Angus, Greater Victoria Development Agency

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VICTORIA AIRPORT AUTHORITY

Greater Victoria Development Agency2010 Board of Directors

Bruce CarterCEOGreater Victoria Chamberof Commerce

Alan CahoonPresidentRoyal Roads University

Mel CouvelierDirector Strategic PlanningPacific Couch Lines

Robert GialloretoPresident & CEOTourism Victoria

Dan GunnExecutive DirectorVIATeC

Christine StonemanPrincipalChemistry Consulting Group Inc.

Richard PaquetteCEOVictoria Airport Authority

David CoreyExecutive OfficerVictoria Real Estate Board

Valerie KuehneVice PresidentUniversity of Victoria

Greater Victoria Harbour Authority

Darlene Hollstein Past Chair Downtown Victoria Business Association

Beatrice BatesPartnerKinar Curry Lawyers

Roger SkillingsChairGreater Victoria Development Agency

Mike WestonCEOCube Global Storage

Robert BennettPresidentSimation Global Technology Inc.

Greater Victoria Development Agency2010 Regional Funding Partners

2010

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