Following a decisive vote affirming Alberta’s place within Canada, business executives are expressing relief, noting that the outcome of the provincial referendum is likely to provide greater certainty for investors and positively impact the national economy.
“This is an enormous relief,” remarked Deborah Yedlin, the president and CEO of the Calgary Chamber of Commerce.
“The decision to remain in Canada establishes a sense of certainty that will help us attract investment. This is beneficial for the economy, not just in Alberta, but across the entire country.”
On Monday, Albertans responded to 10 questions, one of which queried whether they preferred the province to stay a part of Canada or to pursue a binding vote on potential separation.
While votes are still being counted, preliminary results indicate that, with 1.8 million ballots processed 12 hours post-poll closure, the pro-Canada side is leading with 75.5 percent, and CBC News anticipates that Albertans have chosen to remain in Canada.
For some individuals, the economic difficulties facing the province were a significant factor in their desire for separation. The decline in oil prices in 2014 severely impacted this major energy-producing region, and advocates for separation have claimed they could gain more advantages from the oil sector if Alberta operated independently without making equalization payments to the rest of Canada.
Deborah Yedlin, president and CEO of the Calgary Chamber of Commerce, states that the vote’s outcome is a significant relief for business proprietors and investors both in the province and beyond. (Joe Fiorino/CBC)
Prior to the referendum, numerous business leaders expressed their support for remaining within Canada. The Canadian Chamber of Commerce and the Alberta Chamber of Commerce cautioned in July that a positive vote for a future binding referendum could initiate “another cycle of uncertainty” for entrepreneurs, which might lead potential investors to remain cautious until the situation clarified regarding the province’s status within Canada.
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Albertans vote to remain in Canada, CBC News projects
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Economic frustration helps fuel Alberta separatism — and these 4 charts suggest why
A survey conducted among the Calgary Chamber of Commerce’s members revealed that nearly half of those surveyed were willing to move their businesses outside the province should Albertans choose to initiate the formal separation process. Additionally, around 60 percent of respondents indicated that they felt separatism was already adversely affecting their businesses.
Considering that the vote occurred amid widespread global uncertainty and a deteriorating trade relationship between the U.S. and Canada, Yedlin asserted that the referendum question only “added to the pile” of concerns for business leaders.
Avik Dey, CEO of Capital Power, indicated that while he was not delaying business decisions due to the referendum, the separation issue did create some apprehension among investors from outside the province.
“This has certainly been a form of overhang for us. I believe that overhang dissipates this morning,” Dey stated.
Alberta is Canada’s wealthiest province, yet economic frustrations are one of the key factors fuelling the separation debate. For The National, CBC’s Ina Sidhu breaks down how the resource-rich province ended up here and what independence could mean for its economy.
Potential impact of lingering separatist sentiment
Charles St-Arnaud, chief economist at Servus Credit Union in Alberta, concurs that with immediate uncertainty alleviated, operations will revert to “business as usual” for investors who had been adopting a wait-and-see strategy prior to the vote.
However, proponents of separation have pledged to continue advocating for an independent Alberta despite the referendum outcome. With roughly 25 percent still supporting a binding vote on the issue of leaving the country, St-Arnaud suggests that this referendum may not be the final say on separation, indicating that the effects on businesses could linger.
“The issue is… how does it distract the business community and policymakers as well as the government from focusing on establishing the right policies and making the right decisions?” St-Arnaud remarked.
Having experienced the 1995 Quebec referendum, St-Arnaud asserts that questions regarding independence lingered in that province and impacted business activities for years after the vote. He maintains that whether the separatist dialogue in Alberta affects future investment will rely on its persistence in mainstream politics.
For those firmly in the secession camp of the Alberta referendum, there are many reasons to select Option 2, but few are more important than sending Ottawa a message. Power & Politics speaks with constitutional lawyer Keith Wilson, co-leader of the grassroots separatist political movement Let Alberta Decide and the Alberta Transition Council.
Candace Laing, president and CEO of the Canadian Chamber of Commerce, recognized the worries of separatists, asserting that addressing these concerns is vital for fostering a robust and united Canadian economy moving forward.
“Alberta is essential for economic stability and opportunities in Canada, and we must now focus on the necessary work to collaboratively create a stronger, resilient, and unified economy from coast to coast,” Laing stated.
With Albertans having “clearly” opted to remain in Canada, as interpreted by Laing, she expressed optimism that this outcome would be seen as a positive development by business leaders and investors alike.
“Businesses, workers, and communities can feel a greater sense of confidence with this result,” Laing said. “Let’s move forward, united and stronger together.”
