• $75M Poured into the Ontario Wine Fund

    The Ontario government plans to revamp 2009’s Wine and Grape Strategy by investing $75 million in the Ontario Wine Fund. As a part of this five-year plan, extra funds should inspire new investments in the Ontario VQA, boosting sales nationally and globally. Already since 2008, VQA sales have grown by over $100 million. In fact, the total retail value last year was $346 million (ending March 2013). Continued growth in this industry will certainly benefit Niagara’s economy as a renowned wine country, both in the retail and tourism sectors.

    As of March, not only were sales sitting healthily over $300 million, but the number of wineries in Ontario leaped nearly 40% compared to 2008, totaling 140 wineries in the province. Currently, to open new wineries in Niagara Region, buyers can expect to spend $40,000 per acre. As more and more establishments sprout, however, it is the hope of many that interprovincial and global exports will climb. As of right now, Canada is not on the top ten list of wine exporting countries, having only totaled only $60 million in 2013.

    While the Ontario Wine Fund grows a bit bigger, the province has also given $428,000 to Niagara College. It is the government’s intention to encourage greater innovation within the institution, focusing primarily on the collaboration and training of tradespeople. Niagara’s not the only region to receive educational funding this month, as the Liberal government distributed $47 million more across the province as a part of the Productivity and Innovation Fund. With money going into two of Niagara’s largest sectors, 2014 could bring great growth and diversity to the region.

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    Categories: Niagara Wineries

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