I am pleased to share that, earlier today, the Minister responsible for Innovation, Science and Industry, François-Philippe Champagne, announced a renewal of $150 million into Protein Industries Canada. The investment is part of the $750 million investment into the Global Innovation Cluster program announced as part of Budget 2022.
This funding, which comes into place on April 1, 2023, and will remain until March 2028, will allow Protein Industries Canada and the trailblazing companies we champion to continue our journey of establishing Canada as a global leader in plant-based foods and ingredients. With a focus on innovation across the value chain, with an increased focus on ingredient processing, and by supporting the scale-up of companies and the commercialization of new products, we believe we are well on our way to having a $25 billion plant-based food and ingredient industry in Canada by 2035.
As you may recall, the process to reward each Cluster with the new amount was a competitive process, with each Cluster providing a submission to ISED this past fall. A summary of our submission, and what will become the foundation of our new programming, is available here. While we did not receive the $200 million we requested, we are still pleased with the amount we received – it is stable and allows us as an organization to continue to offer the same level of programming and support as the first round. I would like to thank every individual and organization that contributed to our proposal and took the time to attend our consultation sessions. I have no doubt that the strength of our sector and the support of our members were key in our renewal.
Over the coming weeks, Protein Industries Canada staff will be putting together the final elements of our next round of programming. We will share information soon on how, and when, project expressions of interest will be accepted, as well as information on upcoming engagement sessions.
I have said before that the last four years have been a roller coaster, but now I feel like our journey is entering more of a straight-away. While there will continue to be the odd curve and dip thrown in, I feel – and hope – you do as well, and that our destination is much clearer and, more importantly, within reach.
Thank you again for your continued support and encouragement of Protein Industries Canada. Here is to another five years.
Protein Industries Canada