Revived Atlantic Fisheries Fund to focus on market diversity for next five years

The Atlantic Fisheries Fund has been renewed with a focus on expanding the international market for Canadian seafood.

The fund expired earlier this year, but a new partnership between the federal and Atlantic provincial governments is investing $300 million over the next five years to help grow the region’s fishery.

The revived fund, supported by a 60 per cent contribution from the federal government and 40 per cent from the provinces, was announced by Fisheries and Oceans Minister Joanne Thompson and her Atlantic provincial Fisheries minister counterparts at a news conference in Moncton, N.B., on Oct. 15.

Originally launched in 2017, the Atlantic Fisheries Fund contributed more than $370 million and funded 1,331 projects throughout Atlantic Canada until it expired in March 2026.

It was initially funded with 70 per cent from the federal government and 30 from the provinces.

The previous iteration had three pillars, focusing on innovation, infrastructure and scientific partnerships.

The new round of funding added the fourth pillar of market diversification.

Thompson said the focus on supporting marketing development activities came straight from what she has been hearing from the industry as being a key issue facing the fishery.

“It can get you to a trade show or a trade mission,” she told those gathered at the press conference.

“It can help you brand your products for a new market. It can also help with the certifications and traceability buyers there expect, or with hiring a market manager to help your company break into a new market and beyond.”

Thompson said the sector needs to build resilience in the face of global trade disruptions, including the threat of tariffs imposed on seafood by the United States, where the bulk of Atlantic seafood products have traditionally been sold.

“Tariffs and trade disputes are a big worry,” she said.

“They shake market confidence, and they make it harder for companies to plan. I’ve heard that loud and clear on wharves and in plants across Atlantic Canada.

“Our government is not sitting back. We will keep pushing for fair, stable, rules-based trade and we will keep backing the people who built this industry. That’s how we build Canada strong and the Atlantic Fisheries Fund is an important tool in our toolbox to achieve that.”

Newfoundland and Labrador’s Fisheries and Aquaculture Minister Loyola O’Driscoll said Thursday’s announcement marked an important milestone for the fishing and aquaculture sectors in his province and throughout Atlantic Canada.

“This renewed agreement reflects Newfoundland and Labrador’s priorities by supporting coastal and rural communities, advancing regional economic development, expanding market access and market diversification, strengthening the seafood industry, creating quality employment opportunities, and fostering sustainable growth,” he said.

“Expanding access to global markets is key to the long-term success of our seafood sector, and this agreement will help position the industry for continued growth and prosperity.”

Previously funded initiatives included projects focused on innovation in processing, freezing, packing and shipping of seafood; new scientific partnerships to study the impacts of climate; infrastructure upgrades to better support efficiency for workers; and upgrades to vessels for live storage of lobsters.

These types of projects, according to Fisheries and Oceans Canada, all remain eligible under the renewed program.

The news was welcomed throughout the industry in Newfoundland and Labrador.

Lorelei Roberts is executive director of the Association of Seafood Producers, which represents fish processors in Newfoundland and Labrador.

She said the Atlantic Fisheries Fund has been a cornerstone of industry advancement.

It has enabled producers to modernize facilities, adopt innovative technologies and implement sustainability improvements that have directly increased product value and strengthened global competitiveness, she said.

“These contributions have been especially critical as processors navigate significant operational pressures, shifting market conditions and ongoing resource challenges,” said Roberts in a statement emailed to Postmedia.

”Given the program’s importance to the long‑term sustainability, resilience and competitiveness of the seafood sector in Newfoundland and Labrador, the Association of Seafood Producers is pleased to see the renewal of the Atlantic Fisheries Fund. We look forward to continued collaboration with our federal and provincial government partners in support of a strong, innovative, and sustainable seafood industry.”

The Newfoundland and Labrador Aquaculture Industry Association (NAIA) said the renewed federal-provincial investment will continue to support innovation, productivity, sustainability and growth across Atlantic Canada’s seafood sector, providing the long-term certainty needed for businesses to invest in new technologies and strengthen global competitiveness.

“In recent meetings with both (Thompson and O’Driscoll), NAIA highlighted the importance of the Atlantic Fisheries Fund to the province’s aquaculture sector,” Bradley George, NAIA’s executive director, stated in a release.

“The association emphasized the need for continued investment to help finfish and shellfish producers, as well as the service and supply companies that support them, in advancing innovation, improving efficiency, and expanding economic opportunities in coastal communities throughout Newfoundland and Labrador.”

He added that its renewal is a victory for the province’s aquaculture sector and its coastal communities.

“As an association, we have advocated for the predictable, long-term funding required to drive innovation,” said George.

”This federal-provincial commitment ensures our finfish and shellfish producers and service-supply companies can confidently invest in world-class technology that keeps our province at the forefront of sustainable seafood production.”

The news also received applause from FFAW-Unifor, the union representing most inshore harvesters and fish plant workers in Newfoundland and Labrador.

In a release, union president Dwan Street said the Atlantic Fisheries Fund has been an important source of support for initiatives that strengthen the industry’s understanding of marine resources, advance fisheries science and create opportunities for innovation.

Continued access to these investments, she noted, is particularly important as Newfoundland and Labrador’s inshore fishery faces increasing operational pressures, evolving market conditions and ongoing challenges surrounding resource management.

“Investing in the future of our fishery means investing in the people and communities who depend on it,” said Street.

”Our members understand better than anyone the importance of strong fisheries science, innovation, and long-term planning. The continuation of the Atlantic Fisheries Fund is welcome news and we look forward to seeing these investments support the priorities of Newfoundland and Labrador’s independent inshore harvesters.”

With the renewed fund also supporting market diversification and seafood promotion, the union said it recognizes the importance of strengthening market opportunities for seafood products amid ongoing uncertainty in global trade.

“As the program moves forward, FFAW-Unifor will continue to advocate for funding that is accessible to independent inshore harvesters and supports industry-led research, sustainable resource management and the long-term viability of fishing enterprises throughout the province,” the union stated in its release.

The Atlantic Fisheries Fund began accepting applications immediately after the announcement was made.