A veteran Alberta oilman is now in charge of guiding the province's economic good fortune.

As the new chair of the Alberta Economic Development Authority (AEDA), Terry Gomke says he wants to keep the province on track and ensure that the Alberta Advantage is transformed into a legacy for the future.

Gomke, president and CEO of Calgary-based Gibson Energy Ltd., began his three-year term Jan. 1, succeeding Ron Triffo of Stantec Inc. Gibson is a privately owned midstream company and a subsidiary of London-based multinational oil services firm Hunting PLC.

AEDA, which promotes Alberta-based industries and advocates on behalf of small and large businesses when government policy is developed, includes 60 volunteer business- people from across the province. The goal is to help shape policies and strategies that will benefit the economy, as well as to attract investment.

On the top of Gomke's to-do list is the challenge that comes with the province's current prosperity. He wants to look at ways to best handle and sustain it so that there will be a legacy for future generations.

"One of the first tasks we'd like to put form to is a higher-level vision, a guide for economic prosperity in the future. We're in a very fortunate position, but the challenges are harder than they ever were," says Gomke.

"One of the things that everybody faces and can identify with is that the utilization of our infrastructure is pretty much at its maximum across the province - and that goes from electrical to utilities, roads, rail and pipelines. They all need to be expanded and developed further and they can't all be developed at once."

Making those choices deserves a considerable amount of thought and a strategic plan," he adds. "That's where we see AEDA providing a vision, a guiding light. We're pushing the envelope and stretching to do more with what we have and we have to do it in the right places."

Economic Development Minister Clint Dunford also sees Gomke and the other volunteer business members of AEDA as a source of insight on a provincial transportation plan.

"One of the things I'll be looking for with Terry is getting Alberta in the position to have a fully integrated transportation policy that can be articulated to all Albertans, and that will then form the basis for capital decisions - whether it be air, rail, roadways or the SuperNet," says Dunford, who sits as AEDA's executive vice- chair. Premier Ralph Klein, the authority's executive chair, created the organization in 1994.

The province does not have a transportation policy, much to Dunford's initial surprise when he assumed the portfolio a little more than a year ago.

"We're certainly not in chaos or gridlock. Reasonable people have been making reasonable decisions," says Dunford.

However, he notes a full-fledged transportation policy is needed.

"They've (Gomke and his AEDA colleagues) been asked to provide input - we haven't asked them for the policy but based on their experience in their sectors - to forward on to government in their opinion what a transportation policy should look like," says Dunford. "There is no timetable. Let's do it and do it right. I want it to become part of the government's 20-year strategic plan."

Dunford says it is too early to say what that plan will ultimately look like. But he wants it to be forward-looking and include items that one wouldn't necessarily expect in a transportation plan, such as the SuperNet, because it transports information and will play a large role in the province's future. It should also include items such as how transportation plays a role in tourism as well, he adds.

As for the choice of Gomke to take over as chair, Dunford says that in addition to the 30 years of oil industry experience, Gomke is also a chemical engineer.

"He's quite a personable fellow, easy to talk to, but smart as a whip. He grew up in Duchess, so we've got a rural attachment as well," says Dunford.

Gomke is also receiving a positive reaction in Edmonton, where Allan Scott, president and CEO of Edmonton Economic Development Corp. says his group is looking forward to his leadership.

"I think Terry will do a great job. He brings tremendous background and experience in the oil and gas industry and a very good perspective on the future development of the province," says Scott. "He'll focus AEDA on some of the key issues where business can provide important input to government policy making."

Such an approach has already made an impact on government policy.

Examples include an AEDA recommendation in 1995 that called for the elimination of the provincial education property tax on manufacturing and processing machinery and equipment assessment. The tax was phased out over three years, beginning in 1996.

In 2000, five members of AEDA participated in a business tax review. Key recommendations included reducing the general corporate income tax rate from 15.5 per cent to eight per cent; reducing the small-business tax rate from six per cent to three per cent; increasing the small-business threshold from $200,000 to $400,000; and eliminating the Alberta capital tax on financial institutions.

"With the exception of the general corporate rate, which is currently 11.5 per cent, all of these recommendations have been implemented," says Doug Neil, AEDA's executive director.

"We're looking forward to working with Terry, he's been a member of our executive committee for a number of years and chaired the authority's international business committee."

Also on Gomke's agenda are the oilsands and the growth of megaprojects in the Fort McMurray region.

"Those will really be the guiding light for future resource revenue streams for the province and the business community. Now we have to make it happen," says Gomke. "We have to take some of those revenues from the royalties to diversify our economy, but it will take more than three years. It's a-long term project for myself and other leaders."

For Gomke, the volunteer position is an opportunity that he just couldn't afford to turn down.

"They (AEDA) approached me a few months back to consider it," he says, "and after a conversation with the premier, he persuaded me to take the position and that I could find time in my schedule to keep the day job and do justice to the formal position. I'm quite honoured. It's very flattering to be asked to do this and it's an honour and a privilege to be able to help. Hopefully, I can do justice to the needs."

(Laura Severs can be reached at laura@businessedge.ca)