Mr. Chair, members of Parliament, ladies and gentlemen, good afternoon. Thank you for this opportunity to speak today.
I'll begin by giving a brief background of the organization I represent. The Western Arctic Marine Training Consortium is a Northwest Territories registered not-for-profit corporation. All of our directors and 50% of our board are indigenous. The board includes representation of two of the larger commercial shipping companies in Canada.
It's our mission to deliver Transport Canada-approved seafarer training and certifications to northerners, indigenous people and women. These are our target groups, all being under-represented in the marine industry. It is our objective to assist our students to become graduates, to gain certificates, to prepare them for the workplace, to introduce them to employers and to see them gain rewarding lifetime careers as seafarers.
Ours is the only Transport Canada-recognized marine training institution located north of the 60th parallel. Our main campus is in the subarctic community of Hay River, Northwest Territories. We also deliver programs and courses at regional centres in remote communities throughout the north. Our courses are delivered by a roster of marine professionals and experienced seafarers, and all our instructors are approved by Transport Canada. Our school is spacious and well equipped, and with additions next summer, we'll have over $2 million invested in modern simulation equipment to support marine training.
We began delivering programs in January 2024—not quite two years ago. Our operation is funded primarily by Transport Canada through the oceans protection plan, for which we are grateful. The contribution agreement that supports this funding is to end on March 31, 2027. We're also grateful for the contributions made by the Canadian Northern Economic Development Agency, CanNor. These contributions make it possible for our not-for-profit to continue to bring training to northern residents and indigenous people and to deliver capable and certified graduates to industry.
Canada's marine sector plays a vital role in the economy, contributing significantly to GDP and employment. In 2023, the marine economy generated over $50 billion in GDP, and nearly 450,000 Canadians are employed in the marine sector—almost 2% of the national workforce.
There's a significant need for workforce development and training in the marine sector. The job vacancy rate in the sector is about 11%, which is over three times higher than the national average, and the sector will need about another 8,300 employees over the next five years, which is over 30% of the current workforce. The marine workforce is predominantly older and male, with an under-representation of women and minorities. Progress is being made in increasing that participation, but challenges remain. It's estimated that over the next five years, the educational system in Canada will supply graduates sufficient to fill only 42% of the required positions in key marine occupations.
Increased collaboration among the federal government, marine industry stakeholders and seafarer training institutions is essential to improve this situation. We believe this need and the existence of our organization represent an excellent opportunity for northerners and indigenous residents, who are typically under-represented in the marine industry and remote from the larger marine educational institutions.
How am I doing for time, Mr. Chair?