Business leaders in Alberta are feeling relieved after a decisive vote in favor of the province remaining in Canada. They believe the outcome of the provincial referendum will provide more stability for investors and bolster the economy of the entire country.
Deborah Yedlin, the president and CEO of the Calgary Chamber of Commerce, expressed a sense of relief, emphasizing that the decision to stay in Canada establishes certainty, attracting investment that will benefit not only Alberta but the entire nation. Albertans participated in a referendum with 10 questions, one of which focused on whether the province should remain part of Canada or proceed with a binding referendum on separation.
Although ballots are still being counted, initial results show that the majority, with 75.5% support, favor remaining in Canada. This outcome has been projected by CBC News. Economic challenges within the province, exacerbated by the 2014 crash in oil prices, have fueled some desires for separation. However, many business leaders voiced their support for remaining part of Canada, expressing concerns about the uncertainties that a separation could bring.
The Canadian Chamber of Commerce and Alberta Chamber of Commerce warned earlier that a vote for separation could lead to another cycle of uncertainty, deterring potential investors. A poll conducted by the Calgary Chamber of Commerce revealed that nearly half of respondents were willing to relocate their businesses if Alberta pursued separation, with 60% stating that separatism was already negatively impacting their businesses.
The referendum took place amidst global uncertainty and strained trade relations between the U.S. and Canada. The CEO of Capital Power, Avik Dey, acknowledged that while the referendum did cause some investor anxiety, the outcome has alleviated this concern.
Following the referendum, Charles St-Arnaud, chief economist at Servus Credit Union, believes that with immediate uncertainty resolved, investors may return to normal business practices. However, separatists remain committed to advocating for an independent Alberta, with a significant portion still in favor of a binding vote on separation, potentially prolonging the drag on businesses.
Looking ahead, the impact of lingering separatist sentiment on investment will depend on whether the separatist conversation remains significant in mainstream politics, as observed in Quebec after its independence vote in 1995. The Canadian Chamber of Commerce emphasized the importance of addressing separatist concerns to strengthen the unity and economy of Canada.
With the majority of Albertans choosing to remain in Canada, business leaders like Candace Laing, president and CEO of the Canadian Chamber of Commerce, are optimistic about the future. Laing sees the result as a positive signal for businesses, workers, and communities, promoting confidence and unity moving forward.