Fisheries sector fund gets $300 million extension from Ottawa, Atlantic provinces

Ottawa and the four Atlantic provinces are extending a multimillion-dollar fund aimed at supporting the region’s fish and seafood sector amid global economic headwinds.

Federal Fisheries Minister Joanne Thompson announced Thursday a five-year renewal of the Atlantic Fisheries Fund, which will result in $300 million worth of investments in industry research, infrastructure and other areas.

Ottawa will provide 60 per cent of the cash while Nova Scotia, New Brunswick, P.E.I. and Newfoundland and Labrador will contribute the rest.

The fund was introduced in 2017 and has since provided more than $370 million for more than 1,300 projects.

The new money will also be used to 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 says she wants to see Canadian harvesters and growers expand their markets.

“When Atlantic seafood sells to more of the world, we build Canada strong,” Thompson said in a statement.