Canada Invests $325 Million in the Fish and Seafood Sector

HALIFAX, NOVA SCOTIA--(Marketwired - March 10, 2017) - Canada's fish and seafood sector is an integral part of the economic and social fabric of so many coastal communities across the country, especially in Atlantic Canada-that's why the Government of Canada is today investing $325 million in this important part of the economy through the Atlantic Fisheries Fund. Under the Atlantic Growth Strategy, the Government of Canada and the Atlantic provinces are collaborating to grow the region's economy, including resource-based sectors, and build a vibrant future for Atlantic Canada. The Atlantic Fisheries Fund is a key component of this initiative, 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.

The Honourable Dominic LeBlanc, Minister of Fisheries, Oceans and the Canadian Coast Guard, today announced the establishment of the Atlantic Fisheries Fund to drive innovation in Canada's fish and seafood sector. 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 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.

Quote

"Our government is committed to working with all partners to make Canada's fish and seafood sector more innovative, productive and sustainable-which means good middle-class jobs for Atlantic Canadians. 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. This will boost the economy and increase employment opportunities for middle class Canadians in coastal communities."

The Honourable Dominic LeBlanc, Minister of Fisheries, Oceans and the Canadian Coast Guard

Quick Facts

• 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.

Related Product

- Atlantic Fisheries Fund

Associated Link

- Atlantic Growth Strategy

Internet: http://www.dfo-mpo.gc.ca

Follow us on Twitter! www.Twitter.com/DFO_MPO