The Honourable Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions, announced a $50 million investment in the Canadian Food Innovation Network (CFIN) through the Strategic Response Fund (SRF) and Canada's National Food Security Strategy.
Canadians continue to face cost-of-living increases as global trade shifts, conflicts and climate change affect supply chains and drive up costs for families. Strengthening domestic food-processing capacity, accelerating the adoption of advanced technologies and supporting innovation in the sector are central to Canada's National Food Security Strategy.
CFIN is an industry–led not–for–profit that helps food and beverage companies access the expertise, partners and technologies they need to innovate and grow. This additional SRF funding will enable CFIN to expand its services, helping more food and beverage processors, particularly small and medium-sized enterprises (SME), adopt and implement automation, artificial intelligence, digital manufacturing and other advanced technologies. Through this support, companies will be able to improve productivity, strengthen domestic processing capacity and accelerate the commercialization of Canadian-developed innovations.
With this funding, CFIN is expected to support more than 200 SMEs and expand its national network to 20,000 members through its established collaborative online platform and targeted programming. Through its network, CFIN is expected to facilitate up to $200 million in follow-on investment, create approximately 300 new jobs and support over 450 total full-time equivalent positions.
This investment contributes to the National Food Security Strategy's goals, including strengthening domestic food production, improving access to affordable, nutritious food, and advancing Canadian-developed technologies that make the food system more resilient and competitive. A strong Canadian food sector is fundamental to building a strong, united Canadian economy.
Source : Newswire.ca