Technically, the territory is in a recession, but for many of the Yukon’s First Nations development corporations, it means grabbing onto opportunities.

The plans of First Nations development corporations were the focus during a Whitehorse Chamber of Commerce panel discussion this morning during the organization’s annual general meeting.

Ernie Bourassa, the Selkirk Development Corp.’s CEO; Paul Gruner, the general manager of the Dakwakada Development Corp. (the business arm of the Champagne and Aishihik First Nations); and Nelson Lepine, the Carcross Tagish Development Corp.’s managing director, addressed a ballroom packed with business and government officials at the Coast High Country Inn.

Representatives from the Kwanlin Dun First Nation’s Chu Niikwan Development Corp. and the Ta’an Kwachan Council’s Da Daghay Development Corp. were unable to attend the panel.

Over the course of the discussion, Bourassa, Gruner and Lepine made it clear their business interests are varied.

They said they are constantly on the lookout for new opportunities as well as adapting to changes in the economy.

“We think this is a great time to get into business,” said Bourassa, a former Whitehorse mayor. He described the Selkirk Development Corp. as being in its infancy, when the question of the recession came up.

He pointed to the advice of American entrepreneur Warren Buffet to “buy low, sell high,” and said now is the time to buy and actively seek opportunities that are out there.

Similarly, Gruner said his organization is working to be proactive on opportunities that come along.

Lepine, who’s been in his role for just a month, cited the importance of having diversified investments so that revenue continues to be generated that can help carry things through downturns in the economy.

Each development corporation representative also noted its individual economic interests.

Lepine pointed to the tourism industry in Carcross as a major focus for the development corporation with investments in recent years leading to the development of the Carcross Commons.

The community will see an addition to eight retail spaces in the near future. Work is also underway to develop a playground which could draw families into the area.

Mountain biking trails continue to prove a boon for tourists looking for a more adventurous way to experience the region.

However, Lepine said this season will see the development corporation simply maintain the trails rather than pursue more development for them.

That comes in light of a management plan that’s underway for the Montana Mountain, the site of the bike trails.

As work on the Carcross/Tagish First Nation’s learning centre continues, weddings are already being booked there for next year, providing an economic benefit as well.

Other projects will have seen partnerships with Yukon College for training and other work opportunities for citizens.

The majority of the Carcross Tagish Development Corp.’s focus is on the community of Carcross, though it is looking at opportunities in southeast Alaska as well.

Bourassa and Gruner also outlined the work of their development corporations in creating opportunities.

Dakwakada has major investments in a number of operations from Castle Rock Enterprises to Icefield tools and many others throughout the territory, in Alaska and other places.

And business is continually changing.

Citing the impending sale of Castle Rock’s asphalt business to Skookum Asphalt as an example, he noted it opens up opportunities to pursue other business ventures.

Bourassa, meanwhile, noted Selkirk’s interest in mining and remediation work.

With the potential closure of the Minto Mine (which has seen major involvement from Selkirk), the development corporation is looking at other opportunities and diversifying its investments.

It also continues to operate the grocery store in Pelly Crossing, and has a stake in a number of Whitehorse properties, he said.

All three development corporations anticipate major strategic planning exercises in the fall that will help guide their future ventures in the territory’s economy.