An investment worth $177 million to the Wine Sector Support Program was announced by a Member of Parliament at the Vancouver International Wine Festival on Friday.
MP for Steveston-Richmond East, Parm Bains, highlighted the total investment to be used over the next three years to help the Canadian wine sector “improve its competitiveness and adapt to the challenges it faces.”
The wine industry has provided a big boost to tourism, attracting over a million visitors to B.C. each year.
“B.C. wines are known around the world for their quality and taste. I proudly support and reaffirm our government’s commitment to grape growers, winemakers and the British Columbia wine industry to ensure its long-term sustainability and success,” said Bains.
According to recent statistics by Wine Growers of B.C., the province’s wine industry has also had an economic impact of over $3 billion annually and supports more than 14,000 jobs.
“Canada’s wine sector creates jobs, drives economic growth, and supports so many communities right across the country. This extension of the Wine Sector Support Program will provide vitally important support to our wineries as they continue to innovate and adapt to challenges so the sector can stay strong and competitive for years to come,” said Lawrence MacAulay, the federal minister of agriculture and agri-food.
Agriculture and Agri-Food Canada says, while the wine industry has had considerable growth over several years, it still continues to face challenges.
“It continues to face a range of pressures impacting its financial resilience and competitiveness, including input price increases, labour shortages, climate limitations and severe weather events,” it says.
The Wine Sector Support Program was originally launched in 2022 with the goal of supporting Canadian wineries adapt through ongoing pressures. The newly announced funding is meant to provide additional support.
Agriculture and Agri-Food Canada says this “will help to capitalize on strengths and position it for long-term success.”
“The additional funding brings the Government of Canada’s total investment through the program to over $343 million.”
Miles Prodan, president of Wine Growers British Columbia, says the province’s wine industry is one of the pillars of agriculture and tourism in B.C. He’s happy to see the new funding support it.
“Today’s announcement of long-term support for our growers and producers is certainly welcome so that we can continue to provide exceptional quality, 100 per cent B.C. wine and remarkable tourism experiences for both local and international visitors alike,” he said.
Two other initiatives were also announced by the ministry to “advance science and research and increase the competitiveness of the sector.” Up to $5.9 million under the AgriScience Program – Clusters Component for the Grape and Wine Cluster, and up to $836,220 under the AgriAssurance Program.
The Wine Sector Support Program will end on March 31, 2027.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
