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The IOG differentiates wealth creation from economic development when considering resource development participation and success through a First Nations perspective. Whereas “economic development” broadly refers to any sustained community effort to improve both the local economy and the quality of life by building the area’s capacity to adapt to economic change, “wealth creation,” as defined by the Indigenous Land Management Institute, is a process by which Indigenous peoples are able to improve their overall standard of living. Under wealth creation, economic development is conceptualized as only one of the three pillars for building industry-community partnerships. The other two, demonstrating equal importance, are education and the environment. From this, wealth creation more concerned with community development, or “healthy, inclusive, safe and sustainable communities made up of increasingly healthier, educated and employed individuals grounded in their culture and tradition.”
It is becoming clear that sound governance is a prerequisite for rapid improvement in the well being of communities and nations. Moreover, it is our view that sound governance is a prerequisite for improving opportunities for wealth creation among Indigenous communities and organizations, and that wealth creation is both a key support to self-determination and a facilitator of economic success for all parties.
Download Iog Wealth Creation Summary Report And Agenda Sept 2017
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