b'Most of all, this investment will promoteIf First Nations are prosperous and can reach economic growth for First Nations across the region.their economic development goals, it will Historical barriers and the exclu-sion of First Nations from economicstimulate investment, create jobs and close the development initiatives have significantly hindered their ability to establish flour- socioeconomic gap between First Nations and ishing communities. Legislation (most notably the Indian Act), a lack of accessnon-First Nations.to capital, inadequate infrastructure and limited capacity are intertwined and have Arvind Sharma, all contributed to the difficulty for First Nations to actively participate in OntarioCOO Director of Economic Developmentand Canadas economies. First Nations are best positioned to lead discussions and leverage economic opportunities for their communities. As such, the Economic Development Sector focuses much of its work on three over-arching priority areas: economicdevelopment, the Prosperity Tableand the Employment ServicesWe have face-to-Transformation Table. face relationships The Sector has also begun work on addressing banking and taxation issueswith community to promote financial well-being for Firstmembers - it Nations. This work includes creating ainstills trust and banking and taxation sub-table to discussmutual respect.the creation of a First Nations-owned financial entity and assessing sources of remote and reliable banking and exciseCarey Kostyktaxation. The Sector has also begun work on analyzing the impacts of rising infla- Valard Presidenttion on First Nations. valard.comThe Sectors goal for the next three to five years is to ensure First Nations are successful through various economic opportunities, including Ontarios $25-million investment. In addition, the Sector looks forward to working with the Government of Ontario to establish a procurement strategy, secure funding for First Nations financial literacy program-ming, increase employment rates in First Nations communities and improve digital infrastructure, especially in the North.Everything depends on the prosperity of First Nations, explains Sharma. If First Nations are prosperous and can reach their economic development goals, it will stimulate investment, create jobs and close the socioeconomic gap between First Nations and non-First Nations. Economic development investments are key to fostering the growth of safe, healthy and prosperous communities. It is essential to contribute to economic development programming for future generations. I ssue2 2022/23C hIefs ofo ntarIoA dvocAte magazIne l 55'