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The Northwest Territories is one of Canada's territories situated in the center, between Nunavut and the Yukon. The territory is known for its expansive wilderness, forests, lakes, and natural beauty. It’s a popular tourist attraction with nature enthusiasts and explorers. The capital of the territory, Yellowknife, is where you’ll find most of the territory's businesses and office headquarters. Northwest Territories brands are rooted in the many natural resources and tourism, contributing to the economy.
Travel and tourism is a significant industry in the territory, offering access to pristine lakes for fishing, hiking, and camping, with glimpses of the northern lights and a chance to experience the famous midnight sun during the summer season. Its also known for mining and precious metals, such as lead, gold, uranium, and zinc.
Primary mining, oil, and gas companies in the Northwest Territories, including De Beers, Arctic Canadian Diamond Company, and Rio Tinto Diamond Mine. The territory is well known for diamonds and precious metals, especially for investors and companies related to the industry.
The Northwest Territories offer some of Canada's top banking institutions, including retail branches and offices. These also include insurance and investment companies, which offer online services and products, making it easier for customers and agents in the territory to access remote locations and businesses. Many financial institutions make it easier to bank, invest, and perform a variety of transactions without physical locations, which creates a more seamless service across Canada and the territory. The two central banks that operate in the territory are the Bank of Montreal and TD Bank.
There are several Northwest Territories brands outside of mining, natural resources, and the financial sector. These include the Government of the NWT and the Salvation Army. The government also promotes tourism and natural parks in the territory, a popular industry in the summer, though visitors tour year-round, including the winter.
One of the best ways to experience the NWT is through a local tour or small company that offers a personalized experience in Yellowknife or one of the national parks. Many local tour operators specialize in certain activities and locations, including restaurants, historical attractions, central parts of the city, and excursions into the wilderness, such as a guided tour.
While the Northwest Territories may seem isolated and remote, with vast wilderness, it also presents excellent future growth and development opportunities. It’s a great place to establish business relations and invest in new ventures and startups.
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Mining is among the top industries and the most lucrative in the territory.
If you work in one of the territory’s primary industries or provide a service or product related to these sectors, you may find great success with a new startup or small business.
It can be more expensive in some ways, based on the cost of shipping specific goods to remote areas of the territory. It’s also a great place to earn significant revenue with a suitable business model.
Natural resources are traditionally a big industry, though renewal energy and travel are likely to succeed in the future.