Federal Investment Supports Ongoing Soybean Sector Growth
Today’s announcement under the Canadian Agricultural Partnership (CAP) of a $311,956 federal investment in Canada’s soybean sector will play a vital role in industry efforts to maintain and expand export markets.
“The Canadian soybean sector has realized remarkable growth in recent decades and the funding announced today will allow us to sustain the expansion momentum as we endeavour to once again double production in the coming years,” said Ernie Sirski, Chair of Soy Canada. “On behalf of all components of the soybean value-chain, I wish to thank Minister Bibeau and the federal government for partnering with the sector in building new export destinations and maintaining access to critical established markets,” added Sirski.
The Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food, made the announcement today in Airdrie, Alberta. The federal investment will be matched dollar for dollar by industry for a total investment of $623,912 over three years. The joint fund will support market access and market development initiatives that are important foundations for the continued growth of the Canadian soybean sector.
“Soybean acreage and production are projected to continue to expand during the next decade – driven primarily by growth in Alberta and Saskatchewan. The partnership with the Government of Canada will allow the sector to undertake market development and market access initiatives in countries such as China, Japan, Malaysia, Thailand, Taiwan and as well as in key European markets,” said Ron Davidson, Executive Director of Soy Canada.
In 2018, soybeans registered their sixth successive year as Canada’s third most valuable field crop (7.3 million metric tonnes valued at $3.1 billion). Exports of 6.0 million tonnes valued at $3.2 billion were shipped to 73 countries.
Soy Canada is the national industry association representing the components of the soybean and soy products value-chain, including seed development, production, handling, processing, transportation, and exportation.
For more information contact:
Ron Davidson, Executive Director