Time for some REAL Economic Reconciliation

By NetNewsLedger Business Desk

Thunder Bay – BUSINESS – Over the past decade, reconciliation with Indigenous Peoples has become a central theme in public life across Canada. From government press conferences that begin with land acknowledgements to corporate statements recognizing Indigenous rights and relationships, the language of reconciliation is everywhere.

But words, no matter how well-meaning, are not enough.

Land acknowledgements, often read with solemnity, are important symbols.

They remind Canadians of whose traditional territory they are on and recognize centuries of Indigenous presence. Yet, when the cameras are off and the media has moved on, many companies still fall short of meaningful economic engagement with Indigenous communities.

Across the country, many corporations have created Indigenous Relations departments and appointed managers tasked with building connections. While that’s a start, these roles often serve as window dressing unless backed by tangible investment and business opportunities.

Reconciliation Requires Investment

Economic reconciliation means more than statements and signage—it means partnerships, procurement, and profit-sharing. It means hiring Indigenous workers, awarding contracts to Indigenous businesses, and ensuring Indigenous voices are heard and respected at the decision-making table.

Jason Rasevych with the Anishnawbe Professional Business Association states, “In Northern Ontario, where the economy is driven by resources and major projects, we are seeing too much ‘redwashing’—companies creating flashy reconciliation action plans that lack the substance of real partnership.”

“We are past the era where a basic Memorandum of Understanding or a few entry-level jobs can secure a social license to operate,” states Rasevych. “From the Ring of Fire to the forestry sector, true economic reconciliation requires recognizing First Nations not as stakeholders to be managed, but as Rights Holders and joint landlords of this territory.”

“For Corporate Canada, the real test is in the supply chain,” adds Rasevych. “We need to see industry leaders actively unbundling large contracts to fit the capacity of Northern Indigenous businesses, rather than importing labor and services while our communities watch the trucks drive by. There is a sophisticated ecosystem of Anishnawbe-owned businesses across these Treaty territories ready to deliver, but they continue to face systemic barriers in procurement processes designed for Bay Street, not the North”.

“Ultimately, for any major infrastructure or critical mineral project in the North, Indigenous equity participation is the best risk management strategy available. Investors need certainty, and you cannot build that certainty without Free, Prior, and Informed Consent (FPIC). The companies that will succeed here are the ones that stop viewing us as a regulatory hurdle and start treating us as long-term economic partners essential to their bottom line.”

There are success stories. In sectors like energy, mining, and construction, Indigenous-owned companies have carved out significant roles. Forward-looking corporations have entered equity partnerships with Indigenous communities, creating jobs, training opportunities, and long-term revenue streams. These examples prove it can be done.

However, for every success, there are far too many missed opportunities. Indigenous businesses still face barriers in accessing capital, navigating procurement systems, and overcoming bias. Corporate Canada needs to do more than check boxes—it needs to open cheque books.

Time for Action

Economic reconciliation is not charity. It’s smart business. Indigenous communities are among the fastest-growing demographics in Canada. Their success means a stronger economy for everyone.

If a company is truly committed to reconciliation, the proof must be in its procurement policies, its partnerships, and its payroll. Anything less is just performance.

The next time a land acknowledgment is read, ask: What has this company actually done to support Indigenous economic growth? If the answer is vague or non-existent, the work of reconciliation is still unfinished.

It’s time for more than words. It’s time for investment. Reconciliation must include revenue sharing—not just rhetoric.