The Economy

The settlement of the Nunavut land claim and the creation of the territory of Nunavut provide a solid and stable environment for future economic development in this picturesque and resource rich region.

The clear delineation of land ownership and the establishment of the territorial government will bring about the following: growth of native development corporations, such as Nunasi and Qikiqtaaluk Corporation, representing concerns as varied as shrimp fishing, trucking and the hotel industry; investment of the annual Land Claim capital transfer payments, totaling $1.15 billion, over 14 years; development of five-year economic development programs for each region; creation of government agencies and the training and development of a professional bureaucracy; further development of mineral deposits which show a potential

for copper, gold, silver, lead, zinc and diamonds; and creation of three federally-funded national parks.

The Government of Nunavut faces enormous challenges, not the least of which is to re-establish self-sufficiency for future generations. About 56 percent of Nunavut's residents are under the age of 25. The government must work to create employment opportunities, increase education and income levels, and cope with a cost of living two to three times higher than that of southern Canada.

The creation of Nunavut restores to Inuit their self-determination as practised for thousands of years before the arrival of Europeans. The new government puts Inuit of Nunavut on an equal footing with other Canadians in terms of having control over and being accountable for their social and economic well- being.