Halifax, N.S. — The Atlantic Fisheries Fund, capitalized via a direct contribution of $325 million from the Department of Fisheries and Oceans Canada, is now the primary vehicle for the federal government’s efforts to stimulate innovation, grow opportunities and increasing their value to meet market demands for sustainably sourced, high quality fish and seafood products in this region.
The funding for this new initiative is in addition to existing federally funded programs. Under the Atlantic Growth Strategy, the federal government and those of the Atlantic provinces will collaboratively develop parameters for the Fund, which will include engagement with Indigenous communities and stakeholders, developing partnerships and priority areas for investments.
Dominic LeBlanc, minister of Fisheries, Oceans and the Canadian Coast Guard, says innovation in this sector, which is integral to the region’s economy, means more jobs for fishers in hundreds of small coastal and Indigenous communities across the region.
“The world is demanding sustainably sourced, high quality fish and seafood products. The Atlantic Fisheries Fund will drive innovation in this sector, helping Canada meet these demands, LeBlanc says.
Further details on the Atlantic Fisheries Fund will be provided in the coming months.
- In 2015, the landed value of Canada’s Atlantic commercial fisheries was $2.8 billion.
- The Atlantic Growth Strategy was announced on July 4, 2016 and establishes a whole of government approach to harnessing the region’s assets and stimulating Atlantic Canada’s economy.
- The Atlantic Growth Strategy’s objective is to drive long-term economic growth in the Atlantic region by implementing pan-Atlantic targeted, evidence-based actions to support both innovative and traditional industries, increase job opportunities for Atlantic Canadians and focus on persistent and emerging regional challenges.