The federal government is investing $325 million in the fisheries and seafood sector through a new fund. Under the fund the Atlantic provinces and the government will work together to create jobs and grow the provinces' economies.
St. John’s, Nfld. and Labrador – The government of Canada is investing $325 million in the east coast fisheries and seafood industry. The investment is being made through the newly created Atlantic Fisheries Fund.
Under the Atlantic Growth Strategy, the federal government and the Atlantic provinces are working together to grow the region’s economy, including its resource-based sectors, to build a more vibrant future.
The Atlantic Fisheries Fund is a key component of the shared strategy, which is aimed at stimulating innovation, with a focus on growing opportunities and increasing their value to meet market demands for sustainably sourced, high-quality fish and seafood products.
Judy Foote, minister of Public Services and Procurement Canada, was in St. John’s to make the announcement on behalf of Dominic LeBlanc, minister of Fisheries, Oceans and the Canadian Coast Guard.
Innovation in the fisheries and seafood sector is integral to the region’s economy, says the federal government. It’s going to mean more jobs for fishers in hundreds of small coastal and Indigenous communities across all the Atlantic provinces.
This new investment under the Atlantic Growth Strategy will 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.
The government of Canada and the Atlantic provinces will collaboratively develop parameters of the Atlantic Fisheries Fund. Engagement with Indigenous communities and stakeholders will contribute to shaping the program, developing partnerships and priority areas for investments in Canada. Further details on the Atlantic Fisheries Fund will be provided in the coming months.