British Columbia’s Investment Agriculture Foundation celebrates 20 years
May 16, 2016 - The Investment Agriculture Foundation (IAF) in British Columbia (B.C.) is marking its 20th year of supporting farmers and food processors in the province as they work to develop new products, processes and markets through government-funded programs.
IAF is an industry-led, not-for-profit organization representing the agriculture, food processing, farm supply and post farm gate sectors across British Columbia. To mark the anniversary, IAF commissioned an economic assessment to quantify the impact of government funding delivered by the foundation since its inception in 1996.
"This report shows how collaboration between senior levels of government and the agriculture industry can make a significant difference to agriculture and agrifood in British Columbia,” says David Geen, owner of Jealous Fruits. “By working together we are strengthening the industry and keeping B.C. competitive locally and on an international level." Jealous Fruits received $70,700 in 2015 through the B.C. Agrifood and Seafood Export Program under Growing Forward 2, a federal-provincial-territorials initiative.
The key findings of that report, entitled “Economic Impact Assessment of Government Funding Delivered by the B.C. Investment Agriculture Foundation,” included:
- Economic impact: $355 million (converted to 2015 dollars) economic impact
- $192 million (converted to 2015 dollars) total investment
- $1.85 impact for each dollar invested
- 2,824 person-years of employment generated throughout the province
- $10 million tax revenue generated
In its first 20 years, IAF has delivered government funding to more than 1,700 projects across British Columbia.
"The IAF has delivered B.C. and Canadian government-funded programs that have made a huge difference for individual B.C. farmers and producers, as well as our provincial economy,” says Norm Letnick, B.C. Minister of Agriculture. With programs that help B.C. companies expand their local and export market share, develop new technology, products or processes and support adaptation to climate change, IAF helped B.C. producers achieve a record $12.3 billion in revenue in 2014 and I look forward to our continued efforts and success to help the sector grow in the future."
The full report, prepared by R.A. Malatest & Associates, is available at: www.iafbc.ca/impact