Tuesday February 24, 2026 | VICTORIA, BC
by Mary P Brooke | Island Social Trends
Also see: McGuinty & Navy commander in Victoria to review national defence with Kahlon (February 19, 2026)
A $400-million B.C. Strategic Investment Fund was introduced today in the BC Legislature
The proposed fund would allow government to consider loans, equity investments and repayable contributions to allow the province to share in a project’s success.
Premier David Eby and Ravi Kahlon, Minister of Jobs and Economic Growth, delivered the announcement to media at the Victoria shoreline over the noon hour today.
They outlined how the legislation Bill 3: budget measures implementation act (No. 2), 2026 is intended to help BC compete nationally, attract federal and private-sector investment, and advance provincial priority sectors.
This legislation builds on the Province’s Look West strategy to deliver major projects, create good jobs and strengthen BC’s and Canada’s economic security.
Trade diversification:
This funding — as included in Budget 2026 last week — is part of BC looking to reduce reliance on the United States for trade, legislation before the house.
If passed, the legislation will provide the Province with the tools needed to directly invest in high-impact private-sector projects through a $400-million BC Strategic Investment Fund.
The potential is “to unlock $20 billion of Canada’s industrial defence funding that we know is coming online”, said Kahlon today. It’s part of the BC government’s Look West strategy. Last week he met with federal Defence Minister David MCGuinty in Victoria.
“It’s a generational opportunity to capture the moment”, said Kahlon at the outer press conference. “BC has everything we need to succeed,” said Kahlon, adding a reminder that 40% of the federal government’s national major projects are in BC and highlighting the natural resources, critical minerals, clean energy, and talented people that can help lead economic growth.
Forestry, defence and shipbuilding:
The province wants to double exports to non-US markets, said Kahlon.
“As the federal government looks for projects to boost forestry, defence and shipbuilding, our goal is to make British Columbia businesses are at the front of the line,” said Premier David Eby.
“By incentivizing large private-sector projects and participating in the upside, we can make sure people in our province are benefiting through high paying jobs and revenue for stronger services.”
“We want to secure 35% of the federal defence vessel contracts,” said Kahlon today.
Partnering with business:
Currently, government’s ability to support private-sector companies is limited to providing grants, with little to no direct revenue upside for the Province.
Other jurisdictions (including Ontario, Quebec, Canada and the US) invest with more funding flexibility, in ways that generate benefits for the government. BC’s legislation would include similar things like:
- direct equity (equity in companies)
- issuing loans
- signing profit-sharing agreements
- providing conditionally repayable grants
This will allow British Columbians to share in the success of projects that receive provincial support, the premier and jobs minister outlined today.
BC businesses would get their fair share of this funding, governmeny stated today.
Kahlon said today that he is already hearing from “countless businesses that want to partner”.
Moving B.C.’s economy forward:
“People and communities across B.C. are at the heart of everything we do to grow our economy,” said Ravi Kahlon, Minister of Jobs and Economic Growth.
“With new financial tools, and through our Look West strategy, we can support high-impact private-sector projects, attract federal investment, and advance B.C.’s priority sectors, creating good jobs and protecting the critical services people depend on every day.”
The Strategic Investment Fund would allow for co-investment in projects that would be in line to secure up to $20 billion in federal defence investments through Canada’s new Defence Industrial Strategy, as well as critical mineral projects and other major economic endeavours, the government says.
“The fund is a critical tool to help B.C. realize its Look West target of securing $200 billion in new private-sector investments,” as stated in today’s news release Helping British Columbians share in Economic Growth.
Spinoff for military sector:
“This new tool kit complements existing supports for businesses, while building new opportunities to create more good, highly skilled jobs here in British Columbia,” as attributed to Darlene Rotchford, parliamentary secretary for armed forces development and veterans affairs who emceed today’s media availability.
“BC companies offer world-class, dual-use abilities that can support Canada’s military commitments,” says Rotchford.
Building on existing success:
The fund would complement existing, successful programs, such as the B.C. Manufacturing Jobs Fund (BCMJF). With $153 million committed so far for 154 projects, the BCMJF has leveraged $1 billion in investment, and created or protected more than 4,800 jobs.
During the construction phase of these projects and in their first few years of expanded operations, the BCMJF is expected to generate $17 billion in new economic activity, nearly $7 billion to B.C.’s gross domestic product, and $714 million in provincial revenue.
Lifesciences sector:
Kahlon said today that BC is boosting its impact in the life science by 75%. That includes a doubling of employment in that sector.
“The B.C. Strategic Investment Fund is a significant opportunity for our province’s life-sciences sector, which has a deep history of developing world-leading innovation,” said Wendy Hurlburt, president and CEO, Life Sciences BC, today.
“This new fund provides our companies with opportunities to leverage federal programs and global capital.”
In an increasingly competitive environment nationally and globally, this kind of strategic partnership will support B.C. companies across their stages of growth, and enable local discoveries to be developed and manufactured here at home,” said Hurlburt.
Tech sector:
BC wants to grow economic value in tech by 75%. That would double employment by 400,000 across the province, says Kahlon.
Marine sector:
The Association of British Columbia Marine Industries (ABCMI) Director of Projects and Stakeholder Relations Leann Collins addressed media today.
The organization is headquartered in Sidney here on Vancouver Island where it represents the industrial marine sector.
Today Collins says the sector comprises almost 1,100 companies which sustain about 35,000 jobs and generate about $8 billion in revenue. It’s a growing sector that would benefit from the growing marine defence industry, said Collins. Jobs and innovation would be part of the success, as well as the strengthening of local supply chains and increasing exports.
The new fund proposed in legislation today would “enable government to work with industry in bringing federal investment to the province as targeted in the province’s Look West strategy,” said Collins. “It will leverage the opportunities presented in Canada’s new defence industrial strategy.
Collins said that companies in her sector “are eager to partner with government to seize new economic opportunities”. There would be generational procurement commitments to strengthen defence capabilities, sovereignty and domestic capacity, she outlined.
Military needs can be supported while boosting innovation, exports and supply chains.
The vessel maintenance, repair and overhaul sector could grow by 50%, said Collins. A ship recycling industry could be built in the province as well.
ABCMI has a Defence and Security Innovation Forum coming up in April in Vancouver.
===== RELATED:
McGuinty & Navy commander in Victoria to review national defence with Kahlon (February 19, 2026)
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