Good morning from the traditional territory of the Tsimshian people on the north coast of British Columbia.
As many of you will know, the Prince Rupert Port Authority is responsible for the overall planning, development, marketing and management of commercial port facilities within the Port of Prince Rupert. We're proudly Canada's third-largest port, and growing. We currently have over $2 billion in our advance project portfolio, either under construction or nearing the end of environmental assessments and final investment decisions.
The Prince Rupert gateway is a strategic trade corridor for Canada, and it continues to facilitate critical international market access for western Canadian exports and ensure the direct connection for consumer imports destined throughout Canada and the United States. Currently, the port facilitates these exports and imports through six primary terminals that provide intermodal, dry bulk and liquid bulk capacities and handle diverse commodities, including consumer goods, manufacturing inputs, biorenewable and transitional energy, forestry, and petrochemical and agricultural goods, to name just a few.
Building upon the natural advantages of Prince Rupert, including being the closest west coast port to Indo-Pacific markets, the port has continued to grow and diversify our cargo volumes, unlock private sector investments in new infrastructure capacity and add value to Canadian trade. The port has handled approximately $60 billion in trade value annually and supports over 6,000 gateway operation jobs throughout northern B.C., resulting in over $500 million in annual wages and $145 million in annual government revenue contributions.
Our growth and success have been thanks to our strong relationships and collaboration with local community and indigenous partners. Local indigenous residents, indigenous governments and indigenous-owned businesses have participated significantly in the economic opportunities presented by growth and expansion of the Prince Rupert gateway. Our long-term sustainable growth is directly correlated to the continued collaboration and participation of our indigenous partners.
We've witnessed major climate change events impacting communities and domestic supply chains in southern B.C., the ongoing impacts of COVID, supply chain and market disruptions and global conflict. As disruptions will continue to occur, we need to ensure that Canada has reliable and resilient supply chains to ensure the free movement of Canadian exports so that communities across the country can better manage economic and social challenges that flow from those disruptions.
To build greater resiliency, we must work to have greater redundancy in our west coast supply chains, ensuring that both major gateways, Prince Rupert and Vancouver, can provide Canada with enhanced trade capacity and logistics capabilities as disruptions occur.
The recent global conflict in Ukraine has highlighted Canada's need to support global partners. As Indo-Pacific and western European nations are looking globally for new sources of energy, Canada needs to expand energy export capacity to provide our global partners with access to clean, responsible Canadian energy. Prince Rupert's connectivity to western Canadian energy production centres and ongoing support for low-carbon energy trade to those markets make Prince Rupert a logical focus for growth of critical energy export infrastructure.
As the committee undertakes this important work on ensuring the strengthening of our supply chain capacity and resiliency, I leave you with these recommendations:
One, we need to ensure we are developing not just new terminal capacity, but just as importantly, logistics and transloading capabilities that provide more value, competitiveness and flexibility for Canadian trade. In Prince Rupert, this is a strategic focus for us, and we have been working to finalize major export and import transloading services through the Ridley Island export logistics project.
Two, to support and achieve the international market transition to renewable energy and provide global partners with access to Canadian energy, a focus on enhancing export capacity is necessary. Prince Rupert has become a leader in energy transition, thanks to the development of Canada's only west coast LPG export terminals, and we're looking to expand on this success with the development of the Vopak Pacific Canada terminal.
Three, to meet Canada's current and future supply chain demands, we need to have more transparent and efficient regulatory processes that ensure appropriate and timely decisions are made on vital trade infrastructure. Delays in regulatory processes have hindered the development of port projects that would have provided much-needed supply chain relief.
To be clear, we're not advocating less robust review, but more timely, more certain and more transparent processes.
Thank you once again for the invitation to appear today to discuss the important role that the Port of Prince Rupert continues to have in Canada's supply chain and trade agenda. I look forward to answering your questions.