Protein Industries Canada supports Government’s commitment to advance regulatory sandboxes in Budget 2024

Canada’s ingredient manufacturing and food processing sector is a $25 billion opportunity for Canada. To reach this goal we need to support innovative Canadian companies and the commercialization of new products and processes. The commitment by the Government of Canada to advance work on regulatory sandboxes in Budget 2024 will help Canadian companies get products to market faster, while also creating a more competitive business environment. This is a positive step in modernizing Canada’s regulatory system and removing red tape for Canadian businesses.

It is well recognized that a strong relationship exists between innovation and prosperity: countries with higher rates of innovation tend to have higher rates of productivity. In Canada we need to embrace innovative companies and create the business environment that allows them to invest and succeed. The identification and advancement of regulatory sandboxes, along with other initiatives to support Canada’s business environment, will support the further growth of innovative sectors such as ingredient manufacturing and food processing. By supporting the evolution of the agricultural sector from commodities to ingredients, food and bio-products, we will unlock a $25 billion opportunity for Canada, supported by 17,000 jobs.

As Canada works to advance our position as a global leader in the supply of high-protein ingredients and food products, it is imperative that our regulatory system keeps pace with the speed of new innovations. Advancing work on regulatory sandboxes will allow Canadian companies to advance new products and processes within a controlled environment, while also upholding the health and safety of Canadians.