The fish and seafood sector is a rapidly changing environment and the time has come to evolve how the fisheries funds are structured so that they continue to deliver support at the pace required and operate as a strategic investment in the sector’s long-term competitiveness, the Department of Fisheries and Oceans (DFO) recently said in a press release.
DFO Minister Joanne Thompson, announced that the Government of Canada is entering negotiations for a five-year renewal of the fisheries funds, ensuring Canada’s fish and seafood sector has the long-term support it needs to compete across markets and win on the world stage.
“The level of investment between the federal and provincial governments is central to these negotiations, as well as increased emphasis on supporting industry and market diversification. The fisheries funds have proven to be a positive partnership between federal and provincial governments and moving forward as equal partners is critical to their ongoing success.”
“In a rapidly shifting global environment, Canada’s fish and seafood sector needs the tools to adapt, grow, and seize new opportunities. By renewing and revitalizing Canada’s fish funds, we help drive innovation, open new markets, and position Canadian harvesters and processors to compete and thrive on the world stage. This sector has always been a vital part of who we are as a country, and we are investing in its future. Canada is committed to renewing our fisheries funds and supporting the fishing industry,” Thompson said.
The fisheries funds unlock potential and help Canadian fish and seafood harvesters and businesses thrive in the face of shifting global dynamics. The Government of Canada will work with provincial governments with the goal of building fisheries funds that support the realities of the current environment, while driving innovation, sustainability and productivity so that Canada’s fish and seafood sector is set up for sustained growth.
Canada’s fish and seafood industry contributes over $8 billion to the economy, provides over 63,000 jobs and exports $8.5 billion in products.
Since 2017, the Atlantic Fisheries Fund (AFF) has provided support for over 1,329 projects across the Atlantic provinces, valued at over $376.7 million in AFF assistance.
Launched in 2019, the Québec Fisheries Fund (QFF) financed 195 projects, for a total value of $33.71 million. These projects focused on three pillars: innovation, infrastructure and scientific partnerships.
The British Columbia Salmon Restoration and Innovation Fund (BCSRIF) supports protection and restoration activities for priority wild fish stocks, including salmon. To date, 170 projects have received BCSRIF funding — a joint Canada and British Columbia investment of more than $257.1 million in the rebuilding of wild Pacific salmon stocks and supporting the B.C. fish and seafood sector.
