Manitoba is offering an exemption on the provincial sales tax to attract investors for the proposed Port of Churchill expansion. Premier Wab Kinew made this announcement on Monday, stating that the tax break would apply to various development projects, including a new energy corridor, liquefied natural gas facilities, railway upgrades, and icebreaking capabilities for year-round shipping support.
Kinew, who is currently in Toronto for the Canada Investment Summit, emphasized the benefits of these capital incentives for potential investors. He aims to showcase the Port of Churchill and other projects to global investment firms over the next two days.
The province recently revealed studies suggesting the feasibility of year-round shipping at the Port of Churchill with the assistance of advanced icebreaking vessels. The estimated cost for the expansion project, railway upgrades, and construction of an offshore LNG terminal in Hudson Bay ranges from $70 billion to $80 billion.
The federal government has identified the proposed port expansion as a transformative initiative, but significant enhancements are required. Prime Minister Mark Carney has expressed interest in commencing gas shipments from the port by 2030. Manitoba’s delegation at the summit includes Finance Minister Adrien Sala, Business Minister Jamie Moses, and various business and Indigenous leaders.