March 16, 2017

Canada invests US$244M in fish and seafood sector

The Canadian government announced Monday, March 13, that it was investing C$325 million (US$244.12 million) in the fish and seafood sector through the Atlantic Fisheries Fund.

Judy Foote, Minister of Public Services and Procurement Canada, announced the establishment of the Atlantic Fisheries Fund in St. John's in Newfoundland and Labrador province.

"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 this industry and taking the necessary steps to transform and drive innovation so this sector is positioned for even greater success", Foote said.

The Atlantic Fisheries Fund is a key component of the Atlantic Growth Strategy, which was announced on July 4, 2016, and whose objective is to drive long-term economic growth in the Atlantic region.

Canada's fish and seafood sector is an integral part of the economic and social fabric of many coastal communities across the country, especially in Atlantic Canada.

Driving innovation

The fisheries fund is aimed at driving innovation in Canada's fish and seafood sector. Innovation in this sector means more jobs for fishers in hundreds of small coastal and Indigenous communities across the Atlantic provinces, the government said.

It said this new investment under the Atlantic Growth Strategy would help strengthen the Atlantic economy and increase job opportunities for Atlantic Canadians. Funding for this new initiative is in addition to existing federally funded programs.

Dominic LeBlanc, Minister of Fisheries, Oceans and the Canadian Coast Guard, noted that the world is demanding sustainably sourced, high-quality fish and seafood products. He added, "The Atlantic Fisheries Fund will drive innovation in this sector, helping Canada meet these demands. This will boost the economy and increase employment opportunities for middle class Canadians in coastal communities".

In 2015, the landed value of Canada's Atlantic commercial fisheries was C$2.8 billion (US$2.1 billion).