Canada and Province of Prince Edward Island invest more than $3M in fish and seafood sector

From: Fisheries and Oceans Canada

Charlottetown, Prince Edward Island – Canada’s fisheries are the backbone of many coastal communities and a driving force in our national economy. The seafood sector is a rapidly shifting environment – competition is intensifying, consumers are looking for sustainability and quality. That is why the Government of Canada and the Province of Prince Edward Island are making strategic investments in the Island’s fish and seafood sector through the Atlantic Fisheries Fund.

The funding-a total contribution of more than $3.1million – invests in 9 projects that focus on the implementation of innovative technologies to improve productivity and sustainability within the aquaculture, harvesting and seafood processing sectors. It will enable these local organizations to be more efficient and adapt to meet market requirements. The aquaculture, harvesting and seafood processing sectors contribute $590 million to the economy of PEI, and employ as many as a 8,000 people at peak production.

Funding these organizations will benefit local and regional economies in PEI now and in the future. The contribution comes from the $400 million Atlantic Fisheries Fund, jointly funded by the 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, academia, industry associations and organizations, including research institutions, may apply.

Quotes

“In Atlantic Canada, our fisheries are more than just an industry, they’re an integral part of culture and our way of life. As the markets change, Canada’s seafood sector needs to adapt and grow with its consumers. Through the Atlantic Fisheries Fund, the Government of Canada and PEI are ensuring the industry has access to the latest innovations and technology. This is about making sure our Island fisheries are as sustainable, productive and prosperous as possible”

– The Honourable Bernadette Jordan, Minister of Fisheries, Oceans and the Canadian Coast Guard

“I am very proud of the hard work and resilience that our fisheries, aquaculture, and seafood processing industries have shown on Prince Edward Island throughout an extremely difficult year. I am confident that through projects made available by the Atlantic Fisheries Fund, these respective industries will continue to support the growth and success of our Island economy.”

– The Honourable Jamie Fox, Prince Edward Island Minister of Fisheries and Communities

“Investing in our Province’s fisheries will allow Prince Edward Island the opportunity to continue to expand and support not only the small and rural communities on the Island, but the Canadian economy as a whole. These investments are a testament to the hard-working Islanders in our fish and seafood sector. When you succeed, we all succeed.”

– The Honourable Lawrence MacAulay, Minister of Veterans Affairs, Associate Minister of National Defence and Member of Parliament for Cardigan

Quick facts

  • 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 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.

  • 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.

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