Empowering Progress: Harnessing the growth of the modern Indigenous economy for collective prosperity

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Before European settlers, Indigenous economies flourished with trade networks, sustainable practices and high living standards. Though disrupted by colonialism, we are now turning an economic corner.

But many Canadians still struggle with understanding reconciliation and how to advance it. Economic reconciliation offers a clear path forward, creating collaborative gains that not only benefit Indigenous Peoples but also drive economic growth for all.

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In 2021, ATB Financial and MNP collaborated to conduct a comprehensive evaluation of the economic effect of Indigenous Peoples in Alberta. They have released an updated version to show progress.

The 2024 report states that Indigenous economic output grew significantly, representing approximately three per cent of the province’s GDP, and an estimated $9.2 billion in 2023. With Indigenous Peoples representing approximately 7.5 per cent of Alberta’s population in 2021, there is immense opportunity to be tapped and significant Indigenous potential waiting to be fully realized. While progress has been made, tipping the scales toward greater collaborative gains is crucial.

With total output up by 42 per cent and total GDP by 36 per cent since 2019, Alberta is nearing a pivotal moment — one when greater Indigenous participation will lead to growing jobs and GDP.

Bridging the income gap between Indigenous and non-Indigenous communities requires more than boosting workforce participation. It needs investments in education accessibility, entrepreneurship and mentorship, and transitioning Indigenous employees into higher-skilled jobs. In 2021, 10 per cent of Métis and off-reserve First Nations people held a bachelor’s degree or higher, compared to 27 per cent of non-Indigenous people, while only four per cent of on-reserve First Nations did, highlighting an educational gap across both groups.

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As the fastest growing population in Canada, government and corporate Canada can lead efforts in promoting greater inclusion and participation of Indigenous Peoples from academic and talent perspectives. As highlighted in the report, closing these gaps in labour market participation could raise Alberta’s GDP by two to three per cent, or approximately $8 billion to $11 billion.

“I’ve been fortunate to have mentors, both Indigenous and non-Indigenous, who supported my career and leadership development, helping me feel like I belong,” said Patrick Twinn, director of Indigenous relations at ATB. “The Indigenous Leadership Circle, formed by Indigenous business leaders, stands out for mentoring the next generation. Growing up in a small First Nation, I wasn’t exposed to Indigenous business professionals. This mentorship built my confidence and sense of belonging, leading me to where I am today.”

The seven-generation principle that many Indigenous Peoples embrace urges leaders to make decisions that benefit future generations. By fostering entrepreneurship and creating pathways for Indigenous employees to upskill and advance within organizations, we can build meaningful careers rather than just jobs, raise standards of excellence and commit to shared success. To achieve this, these initiatives must be embedded in operational strategies and actively championed by leadership.

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Between 2019 and 2023, it is projected that Indigenous-owned businesses increased their revenue from $2.3 billion to $3.5 billion, representing 52 per cent growth. While these numbers are promising, they only hint at the untapped potential of mutually beneficial relationships between Indigenous and non-Indigenous Canadians.

“For Indigenous Peoples to continue driving Alberta’s prosperity, systemic reforms must continue,” said Clayton Norris, VP of Indigenous Services at MNP. “Indigenous Peoples have long been leading and actively participating in the economy, demonstrating resilience, innovation, and purpose. With the right measures in place, the growing Indigenous economy will unlock opportunities for entrepreneurship, support existing Indigenous-owned businesses and advance career progression.”

Achieving impactful reconciliation is not just about handouts. It’s about growing the economy for everyone. Bridging these gaps will raise the tide for all Albertans.

In the words of Twinn’s late father, Sen. Walter Patrick Twinn, chief of the Sawridge First Nation: “Do all your work as though you had a thousand years to live on Earth, and as if you knew you must die tomorrow.”

The time is now, as tomorrow is upon us.

Patrick Twinn is the director of Indigenous Relations at ATB Financial. Clayton Norris leads Indigenous services and is a board member at MNP.

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