Province Unveils Saskatchewan Investment Attraction Strategy

Released on March 11, 2024

New and Expanded Programs and a New Investor Website to Support Investment Opportunities

Today, the Government of Saskatchewan released Securing the Next Decade of Growth: Saskatchewan's Investment Attraction Strategy. The strategy is Saskatchewan's roadmap to increasing investment in the province and further advancing Saskatchewan's Growth Plan goal of $16 billion in private capital investment annually. 

"The new strategy builds on Saskatchewan's many advantages as the best place to invest in the nation," Trade and Export Development Minister Jeremy Harrison said. "This will lead to more opportunities for local, national and international investors, while solidifying our province as a nation leader in private capital investment. We have seen significant investments in this province over the past several years and this strategy will help build on that momentum. This will create jobs, and grow our economy for a brighter future that benefits all Saskatchewan residents."

Private capital investment in Saskatchewan increased by nearly 25 per cent in 2023 and is expected to lead the nation with an increase of 14.4 per cent in 2024. 

The strategy is built on the Saskatchewan Advantage, which includes a competitive business environment, low tax and utility rates, a transparent and predictable regulatory environment, a strong suite of incentives and a network of nine international offices that connect Saskatchewan to the world.   

"Saskatchewan's world class resource base, highly skilled talent pipeline and stable and supportive regulatory and investment environment, all gave BHP the confidence to make the largest single investment in the company's history right here in Saskatchewan," BHP Potash Asset President Karina Gistelinck said. "Our Jansen potash mine will deliver responsibly produced Canadian potash to the world. We are proud to support the ongoing economic growth of Saskatchewan and applaud the province for their commitment to advancing growth and prosperity in a responsible manner."

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. It provides an overview of the major economic sectors and the world-class investment opportunities in Saskatchewan. 

"Saskatchewan's newly announced Investment Attraction Strategy strikes the right balance between supporting our established industries and encouraging innovation," Saskatchewan Chamber of Commerce CEO Prabha Ramaswamy said. "We look forward to showing the world what our province has to offer and welcoming new partners both in Canada and abroad."

To continue to be the best place in the world to invest, the Government of Saskatchewan is announcing the following 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 per cent transferable royalty/freehold production tax credit.

The new Critical Minerals Processing Investment Incentive will support the development of critical mineral processing in our province, 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 10 emerging critical minerals in Saskatchewan. 

The new Multi-lateral Well Program will provide an incentive to help jumpstart 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 startups. 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 are being extended for five more years to 2029, the Oil and Gas Processing Investment incentive and the Saskatchewan Petroleum Innovation Incentive. 

These new and expanded programs will compliment existing successful programs such as the Saskatchewan Value-Added Agriculture Incentive, the Manufacturing and Processing Investment Tax Credit and others. 

For the full strategy, to see the new website and to learn more about the Saskatchewan Advantage, visit investSK.ca.

-30-

For more information, contact: