Canada Minister of Fisheries Joanne Thomson announced the renewal of the Atlantic Fisheries Fund for another five years, pledging CAD 300 million (USD 211 milliono, EUR 188 million) in funding for the seafood sector through it.
Thompson – who was joined by the ministers of fisheries for the provinces of Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland – said the money will come from a combination of federal and provincial funds. The government of Canada will provide 60 percent of the funding, while the provinces will provide 40 percent.
According to Canada’s Department of Fisheries and Oceans (DFO), the renewed fund will make strategic investments in the seafood industry in the Atlantic provinces in order to support market diversification, research and innovation, infrastructure, and science partnerships in the industry.
"Fishing has kept Atlantic communities going for generations, and the people in this industry produce the finest seafood you'll find anywhere. I'm proud to renew the Atlantic Fisheries Fund with our provincial partners and give it a new pillar on opening more markets for the world-class fish and seafood Canadian harvesters and growers bring in,” Thompson said. “When Atlantic seafood sells to more of the world, we build Canada strong.”
Thompson announced the government was committed to renewing the fisheries fund at Seafood Expo North America in March, and in a follow-up interview with SeafoodSource said the fund is a tangible method to support the industry, which also needed to be modernized to match the needs of the seafood industry.
To that end, the market diversification is new to the Atlantic Fisheries Fund, and is targeting new development activities like export-focused advertising, market analysis, industry branding, and more “to make the fish and seafood sector more resilient to global trade disruptions,” according to DFO.
The provincial fisheries ministers called the fund an important piece of maintaining the seafood sector in Canada’s Atlantic region.
"Maintaining vibrant and prosperous fishing, aquaculture, and seafood industries is incredibly important for the communities that rely on them as well as the wider economy,” Prince Edward Island Minister of Fisheries, Rural Development, and Tourism Ernie Hudson said. “A renewed Atlantic Fisheries Fund reflects the value a strong federal and regional collaboration brings in support of industry as it advances sustainable practices and ensures our seafood sector remains strong and competitive for future generations.”
