Feds invest $325M in Atlantic Canada fisheries

From: Canadian Manufacturing

The Government of Canada announced March 10 that it is investing $325 million in Atlantic Canadian seafood, through the newly-established Atlantic Fisheries Fund.

Under the Atlantic Growth Strategy, launched in July 2016, the federal government and the Atlantic provinces are collaborating to grow the region’s resource-based sectors.

The Atlantic Fisheries Fund, a key component of the Atlantic Growth Strategy, is aimed at increasing the value of the region’s seafood to meet market demands.

Judy Foote, minister of Public Services and Procurement Canada, was in St. John’s March 10 to announce the establishment of the Atlantic Fisheries Fund.

“Our government is committed to growing the fish and seafood sector in Newfoundland and Labrador. With the announcement of the Atlantic Fisheries Fund, we are looking to the future of the industry and taking the necessary steps to transform and drive innovation, so this sector is positioned for even greater success,” said Minister Foote.

Investment in Atlantic Canadian fisheries, which were valued at $2.8 billion in 2015, means more jobs for hundreds of coastal and Indigenous communities across these provinces.

The federal government and the Atlantic provinces will collaboratively develop the parameters of the Atlantic Fisheries Fund.

Engagement with Indigenous communities and stakeholders will also contribute to shaping the program, developing partnerships and priority areas for investments.

Further details on the Atlantic Fisheries Fund will be provided in the coming months.