Business leaders in Alberta are expressing relief following a decisive vote in favor of the province remaining part of Canada. The outcome of the provincial referendum is viewed as providing increased certainty for investors and a positive boost to the national economy.
Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce, described the vote to stay in Canada as a significant relief. She emphasized that the establishment of certainty through this decision would attract investment, benefiting not only Alberta but the entire country.
The referendum in Alberta featured 10 questions, including one on whether the province should stay in Canada or proceed with a binding referendum on separation. Initial results, with 1.8 million votes counted after polls closed, showed the stay side leading with 75.5%, indicating a vote in favor of remaining in Canada.
While economic challenges within the province drove some individuals to support separation, particularly due to the impact of the 2014 oil price crash, many business leaders expressed support for remaining part of Canada. Organizations like the Canadian Chamber of Commerce and Alberta Chamber of Commerce cautioned that a yes vote for a future binding referendum could introduce another cycle of uncertainty for business owners and investors.
A poll conducted among Calgary Chamber of Commerce members revealed that nearly half were prepared to relocate their businesses if Alberta pursued separation. The lingering separatist sentiment and the referendum question added to existing global uncertainties and trade tensions.
Following the referendum, Avik Dey, CEO of Capital Power, expressed relief that the uncertainty caused by the separation question had lifted, easing concerns for investors. However, separatists remain determined to pursue an independent Alberta, with a quarter still in favor of a binding vote on separation, indicating that the impact on businesses may continue.
Charles St-Arnaud, Chief Economist with Servus Credit Union, believes that while immediate uncertainty has cleared, the separatist conversation could persist, affecting investment decisions. The ongoing dialogue on separatism may influence business activities and policy decisions in the future.
Candace Laing, President and CEO of the Canadian Chamber of Commerce, emphasized the need to address separatist concerns and work towards building a strong and united Canadian economy. With Albertans decisively choosing to remain in Canada, Laing expressed optimism that the result would instill confidence in businesses, workers, and communities, encouraging unity and progress.