Strategy looks to foreign investment

A new research project is going to give foreign investors a better understanding of doing business in Penticton and vice-versa.

A new research project is going to give foreign investors a better understanding of doing business in Penticton and vice-versa.

“With the change in how business is done, we have to go outside our regional market and our manufacturing business here in the city to understand that,” said David Arsenault, Penticton Economic Development officer. “They are now selling products globally, 10 years ago it would have been U.S. and regionally.”

Consulting has been conducted with the local business community, Okanagan College, elected officials and various user groups. From that, and other analysis, the final research will identify such things as what Penticton has to offer and what areas are investment ready.

Penticton Economic Development Services, in partnership with Invest Canada-Community Initiatives, is working the final aspects of completing the foreign direct investment strategy. Research was started in July and is expected to be complete by the end of this month and be available to the public.

“The objective of this research is really to support local businesses and foster economic growth, diversification and job creation within the City of Penticton. So the information gathered from the research and interviews will help to identify how and who we are as a community from a business perspective with an end goal of developing Penticton’s value proposition versus its competition,” said Arsenault.

“It will give us a well thought out plan to support investment and opportunities for the local business community.”

Arsenault said Penticton is leading the way in the Okanagan Valley to complete such a strategy, as the first community to do so. Another application is being put in to complete a valley-wide strategy with the Okanagan Valley Economic Development Society.

Lochaven Management consultant Wayne Robert said the Penticton economic development is taking the right steps. He said the foreign direct investment strategy is a way to continually consult with the business community in order to determine what is needed to support business.

“Doing the due diligence up front is vital towards creating a strategy geared toward making the right investment decisions for the future of business in the region,” said Robert. “Understanding what Penticton has to offer and aligning those strengths strategically with the markets and opportunities is the best way to determine direction in developing investment opportunities.”

Arsenault sees the long-term results of the project helping to increase new investment into the community, generate a community asset profile and provide for more comprehensive and effective site-selector information. An application is in place to potentially receive more funding from Invest Canada-Community Initiatives next year. Arsenault said the funding is vital, as it will help towards the costs of implementation of the marketing plan and developing the required tools to become as investment ready and attractive as possible.

Just Posted

Penticton Overdose Prevention Society co-founders Desiree Franz, Shane Surowski and Stephanie Lines have created the city’s first unsanctioned public overdose prevention site using an old wine-tour bus. The site began operations in June 2021. (Desiree Franz/Facebook)
Volunteers launch Penticton’s first public supervised injection site

2021 is on pace to be the deadliest year for overdoses in Penticton on record

Four golfers from Fairview Mountain Golf Club in Oliver will golf from sunrise to sunset to raise funds for ALS on June 29. (Submitted)
Golfing from sunrise to sunset in Oliver for ALS

Four golfers from Fairview Mountain Golf Club have taken up the challenge June 29

Jann Arden will embark on Canada-wide tour Spring 2022 with a stop in Penticton at the South Okanagan Events Centre on June 13. (Contributed)
Jann Arden coming to Penticton in 2022

The Jann Arden Live! tour has been rescheduled for 2022

A storm watch has been issued for the Okanagan, Kootenays and Columbia regions of B.C. (Calvin Dickson photo)
Another severe thunderstorm watch issued for the Okanagan

Conditions are favourable for thunderstorms that may produce strong wind gusts, hail and heavy rain

The South Okanagan Tim Hortons raised over $4,000 through the three day orange doughnut promotion with 100 per cent of proceeds going to to the Residential School Survivors Society. The owner of these locations matched the amount. (Monique Tamminga Western News)
South Okanagan Tim Hortons raises over $8K for residential school survivors

More than $4,000 worth of doughnuts were purchased over three days

Singer-songwriter Jann Arden is pictured with a draft horse. (Canadian Horse Defence Coalition)
Jann Arden backs petition to stop live horse export

June 14 is the International Day to End Live Export of Animals

Montreal Canadiens goaltender Carey Price (31) is scored on by Vegas Golden Knights defenseman Alec Martinez, not pictured, during the second period in Game 1 of an NHL hockey Stanley Cup semifinal playoff series Monday, June 14, 2021, in Las Vegas. (AP Photo/John Locher)
Habs fall 4-1 to Vegas Golden Knights in Game 1 of NHL semifinal series

Match was Montreal’s first game outside of Canada in 2021

(Dave Ogilvie photo)
One injured after being pinned by fallen forklift near Peachland

West Kelowna emergency crews responded to reports of a person stuck under a forklift

Kelowna-Lake Country MLA Norm Letnick, assistant deputy speaker at the B.C. legislature, presides over committee discussions. The legislature is completing its delayed spring session this week, with most MLAs participating by video conference. (Hansard TV)
B.C.’s daily COVID-19 infections dip below 100 over weekend

Only 68 new cases recorded Monday, four additional deaths

B.C. ambulance station in Revelstoke is expected to get a new system called the Scheduled On-Call (SOC) this fall. (Liam Harrap - Revelstoke Review)
B.C. ambulance changes could put Revelstoke residents at risk, warn local paramedics

Paramedics said to expect a substantial increase in ambulance response time starting this fall

This goose family went for a leisurely stroll down Vernon’s Main Street Saturday, April 25. (Dave Deshane photo)
Controversial Vernon goose cull won’t fly this year

Necessary permit procedures held up at a federal level

Mounties cover a burgundy truck with a tent at Buckerfields in West Kelowna on Monday, June 14. The RCMP is investigating after a woman’s body was found inside the truck. (Amandalina Letterio/Capital News)
West Kelowna RCMP investigating suspicious death after body found in truck

Police responded to a truck parked out front of a Main Street business where the body was found

The BC Ferries website went down for a short while Monday morning following a provincial announcement that recreational travel between health authorities can resume Tuesday. (Black Press Media file photo)
BC Ferries’ website crashes in wake of provincial reopening announcement

Website back up now, recreational travel between health regions to resume as of Tuesday

The Kamloops Indian Residential School is photographed using a drone in Kamloops, B.C., Monday, June, 14, 2021. The remains of 215 children were discovered buried near the former school earlier this month. THE CANADIAN PRESS/Jonathan Hayward
Communities grapple with what to do with former residential and day schools

Some tear them down as a tool to help healing, others repurpose them as tools for moving forward

Most Read