What is Indigenous Procurement?

What is Indigenous Procurement?
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 in 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 additionally
flourishing in metropolitan settings which implies acquisition openings are not only 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.