Nova Scotia Wine A Safe Place to Put Money
A new investment initiative in the province looks to expand the industry to greater heights of quality, quantity, and renown.
But many see the potential for further growth. That's why the Nova Scotia Wine Industry Investment Initiative was launched February 5. The long-term goals set for the industry in the province include an increase of vineyard acreage from 400 to 1,000 acres, an increase in the number of wineries from 10 to 20, and an increase in industry revenue from $7.2 million to $23 million by 2020.
"The wine industry is important to Nova Scotia," says Janice Ruddock, managing director of the Winery Association of Nova Scotia (WANS). "We have the ability to grow...we want to meet the targeted objectives and goals of the long-term strategy. Our investment package will help promote Nova Scotia as a wine destination and provide potential investors with accurate, industry-driven information they need to make decisions."
Initiated by the Kings Community Economic Development Agency (Kings CED) and developed by Alidade Marketing, the investment project is a collaborated effort between WANS, Foreign Affairs & International Trade Canada, Nova Scotia Economic & Rural Development, Nova Scotia Department of Agriculture, six Nova Scotia regional development authorities, NS Department of Tourism, Culture and Heritage, Grape Growers Association of Nova Scotia and Eastern Kings Chamber of Commerce.
"The ‘Wines of Nova Scotia' standard is a huge step forward in establishing a new level of credibility for Nova Scotia Wines. The province's producers have set rigorous standards of quality and authenticity...Consumers can have full confidence that the wine in the bottle is both what it claims to be and embodies the distinctive characteristics imparted by Nova Scotia's grape varieties and unique terroir," says wine writer and educator Sean Wood.
Nova Scotia's terroir seems best-suited to varieties like white, sparkling and icewines. These wines have won several awards, including double gold at the 2007 Tasters Guild International competition for Jost's 2006 Vidal icewine and five gold for Gaspereau Vineyards among a total of 19 medals at the 2008 All Canadian Wine Championships.
Nova Scotia is also one of only three provinces whose wines are being served at Canadian embassies, where Canadian wines must be served but must also meet a standard of quality and taste. And it is hoped that the quality and quantity of wine produced will only increase with the new investment initiative.
"This initiative provides the tools needed for growing and strengthening our wine industry in Nova Scotia," says Colby Clarke, development officer for Kings CED. "It adds to the diversification of our agricultural sector, provides tourism opportunities and promotes job creation in our rural communities."
For more information about investing in the Nova Scotia wine industry visit www.investinnovascotiawine.ca.