COEDC takes action to support local businesses amid US tariffs

COEDC News March 4, 2025

In response to the March 4, 2025, announcement of new tariffs imposed by the United States (US), the Central Okanagan Economic Development Commission (COEDC) is taking proactive measures to support local businesses and the regional economy.

The Central Okanagan’s regional economy has proven resilient and adaptable over the last few years. With a diverse economy not heavily reliant on one industry, the region is somewhat less exposed to tariff impacts than others, although the region still relies heavily on trade with the US.

Since the initial announcement of the tariffs, the COEDC’s business development team has been reaching out to local businesses to better understand their concerns and the potential impacts. This information will help the COEDC to initiate support activities and advocate regional needs to provincial and federal governments.

“When talking with our local businesses, we know that the biggest concern right now is uncertainty. Businesses need clarity to effectively plan and respond,” says Krista Mallory, Manager of the COEDC. “Our goal at the COEDC is to provide that clarity and support to help businesses navigate these challenging times. We encourage businesses to reach out to us for support and to share information about the impacts they are experiencing.”

The COEDC is committed to supporting local businesses and has been working diligently to prepare for the tariffs. Last month, the COEDC launched a tariff resource page on investkelowna.com to provide businesses with the most up-to-date information from trusted sources to explain what is happening, what businesses can do to prepare and respond and how local businesses can share information.

Regardless of the extent and duration to which the US tariffs are applied to Canada, the changes signal a definitive shift in the relationship between Canada and its largest trading partner, and businesses should be working to diversify their supply chain and reliance on US markets.

The COEDC is fast-tracking some of the actions of their recently released Roadmap to Resiliency: COEDC Strategy 2025 to 2030. As businesses look to bring their supply chain closer to home, the COEDC is investigating tools to help businesses find suppliers locally and expects to share more information on this in the coming weeks.

Next month, an event is being organized to host industry round tables and panel presentations to bring together experts like Trade Commissioners and Export Canada with local industry to share information and resources, work together to find solutions and communicate business needs to higher orders of government.

While the current economic climate is uncertain, the COEDC reminds residents that everyone plays a role in supporting the regional economy.

“I want to urge everyone to think local-first when making purchasing decisions. Your support helps sustain our local businesses and keeps our community strong,” says Mallory.

To learn more, contact the COEDC or subscribe for e-notifications on the latest updates, visit investkelowna.com.