Ottawa and Atlantic provinces extend fisheries fund with $300 million in investments

Ottawa and the four Atlantic provinces are extending a multimillion-dollar fund intended to support the region’s fish and seafood sector amid global economic headwinds. Federal Fisheries Minister Joanne Thompson announced Thursday that the Atlantic Fisheries Fund will be renewed for five years, resulting in $300 million in investments in industry research, infrastructure and other areas. Ottawa will provide 60 per cent of the funding, while Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador will contribute the remainder.

Introduced in 2017, the fund has since provided more than $370 million for over 1,300 projects. The new funding will also help the sector find new markets through advertising, industry branding and market research. The federal Fisheries Department says improved marketing will make the sector more resilient to global trade disruptions.

Thompson said she wants Canadian harvesters and growers to expand their markets. “When Atlantic seafood sells to more of the world, we build Canada strong,” she said in a statement.