With the longest coastline in the world, Canada’s coastal communities rely on the success and sustainability of our fish and seafood industry as an integral contributor to local and regional economies. This is why our Government and the Province of Prince Edward Island today announced funding support to three regional organizations through the Atlantic Fisheries Fund.
Alongside the Province of Prince Edward Island, today Sean Casey, Parliamentary Secretary to the Minister of Fisheries, Oceans and the Canadian Coast Guard, announced an investment of $6,979,864. Today’s investment gives businesses the opportunity to adopt new technologies and equipment to improve the sustainability and productivity of the seafood sector in PEI.
These local businesses are receiving financial support to help with research and development initiatives and the adoption of new technology and equipment.
Funding these businesses will result in a positive impact on the local economy and will help create sustainable jobs. This investment will help boost the sustainability of operations throughout the sector, ensuring the prosperity of the sector for years to come. The contribution derives from the $400 million Atlantic Fisheries Fund, jointly funded by federal and provincial governments, and focuses on increasing opportunities and market value for sustainably sourced, high-quality fish and seafood products from Atlantic Canada.
The Atlantic Fisheries Fund will continue to invest in projects over the seven-year life of the program. The commercial fisheries and aquaculture industry, Indigenous groups, universities and academia and industry associations and organizations, including research institutions, may apply.
Eligible projects must focus on:
- Innovation – to support research and development of new innovations that contribute to sustainability of the fish and seafood sector, and to create partnerships and networks that aim to promote and encourage innovations in the sector;
- Infrastructure – to adopt or adapt new technologies, processes, or equipment to improve the effectiveness and sustainability of the fish and seafood sector;
- Science Partnerships – fisheries and aquaculture industry based partnerships with academia and institutions to enhance knowledge and understanding of the impacts of changing oceanographic conditions and sustainable harvesting technology.
“Our government is committed to working with our partners to make Canada’s fish and seafood sector more innovative, productive and sustainable. The global market is demanding sustainably sourced, high quality seafood products and the Atlantic Fisheries Fund is helping to drive innovation in this sector, helping Canada meet these demands. This will boost the economy and create middle-class jobs for the communities of PEI.”
The Honourable Jonathan Wilkinson, Minister of Fisheries, Oceans and the Canadian Coast Guard
“Many residents of PEI rely on the sea as a way of life and as a source of income. Processors are responsible for getting local products to markets around the globe, and deriving the value from the resource. These projects funded by the Atlantic Fisheries Fund will support processors in maximizing returns for their products and, in turn, will strengthen the economy and create jobs here on Prince Edward Island.”
Sean Casey, Parliamentary Secretary to the Minister of Fisheries, Oceans and the Canadian Coast Guard and Member of Parliament for Charlottetown
“The Prince Edward Island seafood industry is a major contributor to the provincial economy and to rural communities, and its products are marketed around the world. New investments in the industry will support fishers, aquacutluralists and processors become more sustainable, productive and profitable, and strengthen their position in domestic and international markets.”
The Honourable Jamie Fox, Minister of Minister of Fisheries and Communities, Province of Prince Edward Island
· The Atlantic Fisheries Fund will invest over $400 million over seven years to support Canada’s fish and seafood sector.
· The federal government will provide 70% of the funding, with 30% coming from the Atlantic provinces.
· The seafood sector is PEI’s third-largest industry, with an annual economic impact of more than $650 million dollars to the provincial economy and employing close to 8,000 people.
· The fund aims to help Canada’s seafood sector transition to meet growing market demands for products that are high quality, value-added, and sustainably sourced.