In 2016, the Investment Agriculture of BC is celebrating 20 years of helping B.C. farmers and food processors succeed and grow. IAF delivers federal and provincial funding programs to support the development of new products, processes and markets.
Over the past 20 years, IAF has delivered government funding to more than 1,700 projects across British Columbia. To mark the anniversary, the foundation commissioned an economic assessment to quantify the total impact of government funding delivered to these projects, and the totals speak to the value of the investments.
The $192 million invested in B.C. agriculture and agri-food through the IAF has had an impact of $1.85 per dollar, including 2,834 person-years of employment, and $10 million in tax revenue, for a total economic impact of $355 million.
“This report shows how collaboration between senior levels of government and the agriculture industry can make a significant difference to agriculture and agri-food in B.C.,” says Ken Bates, chair of the IAF. “By working together we are strengthening the industry and keeping B.C. competitive, locally and internationally.”
In the tree fruit, grape and wine sectors, IAF has played a significant role, from directly delivering funding to projects, to managing funds for important sector initiatives including the early days of Orchard Replant and the Sterile Insect Release program. In the past five years alone, IAF has delivered over $870,000 to 73 innovation and export projects through Growing Forward 2, a federal-provincial-territorial initiative. Another $450,000 has been invested in 15 projects through the Government of British Columbia’s Buy Local program.
The B.C. Wine Institute has received $137,035 through the Buy Local program and the B.C. Agrifoods Export Program under Growing Forward 2.
“The B.C. wine industry has relied on the support of the IAF to achieve growth of B.C. VQA wine sales in a competitive environment with increased supply,” says Miles Prodan, president and CEO. “In 2015, the British Columbia Wine Institute launched a ‘Be Label Conscious’ campaign with support of the B.C. Buy Local program. At the end of the campaign B.C. VQA wine sales in litres were up 10.03% over the previous year, and increased 5.53% ahead of total market growth.”
