What is Indigenous Procurement?

by Walter Deagle A Economic Inclusion Netwrok Canada

Indigenous procurement is an act of purchasing goods and services from the Indigenous businesses in Canada. To support aboriginal businesses, the Government of Canada starts several Indigenous procurement programs.

That supports indigenous economic development by providing contracting opportunities for businesses owned by First Nations, Metis, and Inuits communities.

Procurement services Canada by the different private bodies help indigenous businesses to grab procurement opportunities. For example, ITFC is an economic inclusion network for the economic development of the Indigenous people of Canada.

The size of the Indigenous market is 31.6 billion dollars as the study did by TD.

In 2017, Around 19000 indigenous-owned businesses in pan Canada. In that, approximately 17000 and 2000 were owned by First Nations and Inuits respectively.

These businesses combinedly generated 10 billion dollars in total revenue and $0.4 billion in profits.

The federal government of Canada is constantly promoting the indigenous communities economically. Procurement Strategy for Aboriginal Business (PSAB) has assisted indigenous businesses to pursue federal procurement opportunities since 1966.

To numerous individuals, obtainment contracts with Indigenous organizations, by and large, infers an asset designer shaping associations with local area claims and — worked for organizations, regularly as a feature of an Impacts and Benefits Agreement. These obtainment agreements can assume a critical part in the production of manageable business and monetary improvement openings for Indigenous people groups. Native organizations are also flourishing in metropolitan settings, which implies acquisition openings are accessible in far-off locales.

Native Peoples address the quickest developing and most youthful fragment of the Canadian populace so we can hope to see increasingly more Indigenous-possessed organizations adding to the GDP. Looking for acquisition openings with Indigenous-claimed organizations is useful for all Canadians. Keep your eyes out for extra articles on Indigenous obtainment.