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Canada's minister of agriculture Marie-Claude Bibeau announced on Wednesday the launch of the Supply Management Processing Investment Fund, worth $292.5 million. The aim of the fund is to help processors of supply-managed commodities increase their competitiveness and resilience in the face of evolving markets.

According to a government press release, the Supply Management Processing Investment Fund is part of the government's commitment to addressing the impacts of international trade agreements.

Through the program, processors of supply-managed commodities will have access to funding to improve their productivity and efficiency through investments in new automated equipment and technology. The fund uses private investment in processing plants to accelerate adoption of automation to lower processing costs, address labour shortages and enhance product quality.

"We are pleased to see the government fulfil its commitment to support additional investments in poultry and egg processing plants as a means to mitigate the impact of market access concessions made in CPTPP," said Ian McFall, chair of the Canadian Poultry and Egg Processors Council. "The fund will leverage private investments in processing plants to boost productivity, respond to changing customer expectations and improve our industry's efficiency, viability and competitiveness."

In 2020, dairy and poultry processing activities alone contributed $24 billion to Canada's manufacturing shipments, equivalent to 20 percent of Canada's total manufactured shipments of food and beverage.

The Supply Management Processing Investment Fund was announced in Budget 2021 to support private investment in processing plants aimed at improving the competitiveness and maintaining the viability of Canadian agri-food processors of dairy, poultry and eggs.