IBA showcased at international economic development forum

INDIGENOUS Business Australia (IBA) CEO Chris Fry joined representatives from Rio Tinto and Barrick Gold as invitees to attend Canada’s Public Policy Forum to broaden international understanding of how to enhance Indigenous economic outcomes through resource development.

IBA was one of 11 global case studies that were considered for their success in promoting indigenous economic development, earlier this year.

Representatives from companies and organisations from Canada, USA, Chile and Sweden were in attendance to provide case studies and participate in the discussion. 

IBA chair Dawn Casey welcomed Canadian interest in IBA’s business model as part of their review of global perspectives on Indigenous economic development.

This is recognition of the strong outcomes IBA has been achieving in enabling Indigenous participation in the broader economy.

“Although there were differences in the specifics, several good practices consistently emerged around governance, broader economic impacts and community engagement across these case studies,” Dr Casey said.

“It is pleasing to note that the Canadian forum identified a range of good practices IBA has in place including the level of accessibility to finance for Indigenous communities and the level of tailored support that is provided to our customers and partners,” Dr Casey said.

In addition to examining distinct good practices which may be applicable to other Indigenous economic development opportunities, the forum also sought to identify key principles that underlie successful development.

These principles are:

1. Establish and maintain productive and mutually respectful relationships.

2. Be proactive in driving Indigenous economic development as a priority.

3. Understand culture, land rights and historical treaties before considering business opportunities.

4. Strive to achieve standards which surpass laws and regulations.

5. Understand the potential social and environmental impact of projects.

6. Ensure that business opportunities make sense from a commercial perspective and benefit everyone.

7. Build long-term sustainability into agreements: focus on the capacity to benefit future generations.

Given IBA’s success in encouraging economic development for a range of clients, the Canadian Ministry of Aboriginal Affairs has shown interest in learning more about IBA’s business model, with the idea of developing a similar organisation to benefit Canada’s First peoples.

www.iba.gov.au

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