Federal investment supports soybean sector growth
Today’s announcement of a $358,175 federal investment in Canada’s soybean industry will play an important role in industry efforts to expand markets, Soy Canada confirmed today.
“The federal government’s strong support for building new markets and maintaining market access will be very valuable to the soybean sector,” said Jim Everson, Executive Director of Soy Canada. “As acreage and production of soybeans continues to expand in Canada, this partnership with the Government of Canada will help secure new markets and contribute to economic growth in the sector.”
Harold Albrecht, Member of Parliament for Kitchener-Conestoga, made the announcement today in Guelph on behalf of Agriculture and Agri-Food Minister Gerry Ritz. The federal investment will support a market development and market access program designed to expand existing markets for Canadian soybeans and secure new ones. The federal investment will be matched by industry for a total investment of $716,000 over three years.
“This is good news for the entire soybean value chain,” said Mark Huston, Chair of Soy Canada. “Through Soy Canada, the sector has come together to jointly plan for industry growth and this support from the federal government will contribute significantly to our market development goals.”
“We thank Minister Ritz and the federal government for this important support,” added Mr. Everson.
Soy Canada is the national commodity association representing the full soybean value chain in Canada including farmers, exporters, processors, seed companies and other partners. Canadian farmers produced 6.04 million tonnes of soybeans in 2014 earning $2.4 billion in farm cash receipts; the 3rd most valuable crop. Canada is the world’s 5th largest soybean exporter. Canada’s soybean exports have more than doubled in value since 2008 and contribute almost $2 billion to the Canadian economy.
For more information, contact:
Executive Director, Soy Canada