The federal government has renewed the Atlantic Fisheries Fund (AFF), adding a new stream to allow for market diversification.
“We were able to have conversations with the sector, with counterparts, say what worked incredibly well in the last nine years with the previous funding support and then … what is needed to take forward,” federal Minister of Fisheries and Oceans Joanne Thompson said.
The renewed fund will provide $300 million across Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador, with the federal government contributing 60 per cent and the provinces contributing 40 per cent.
Thompson said market diversification is a new priority.
“The science partnership remains and what we’ve added was a stream on market diversification,” she said, speaking with The Courier. “So tangible support to help the sector to be able to strengthen, grow and move into emerging markets.”
She said that the Asian markets are certainly dependent on Atlantic Canadian seafood.
“But also the [European Union],” she said. “I was in Europe for the Barcelona Seafood Show in the spring and I’ll tell you it was amazing. They were very clear to me … the EU wants Canadian seafood.”
She said more markets are willing to pay a premium for fresh, ethically-sourced seafood.
“I think that is a real plus and an opportunity for us and we want to continue to see the sector grow,” Thompson said.
Atlantic Fish Farmers Association executive director Tom Taylor said they welcome the renewal.
“This is an important investment in the future of Atlantic Canada’s seafood sector, and one that will help our fish farmers become more efficient, competitive and innovative,” he said in a media release. “The fund’s priorities align closely with the opportunities we see for responsible growth in finfish farming.”
He said investment in aquaculture supports economic growth and more full-time, year-round work.
“When governments invest in finfish farming, the returns extend well beyond the initial investment,” Taylor said in the media release. “Our sector provides stable, year-round employment that supports families, local businesses and coastal communities. That ongoing economic activity is an important part of the value these public investments deliver.”
According to the AFFA, Atlantic Canada’s finfish farming sector currently supports more than 9,400 jobs and generates $3.2 billion in total economic output annually.
Taylor said the investment comes at a good time amid global uncertainty.
“Aquaculture is agriculture, and like other farming sectors, our success depends on continued investment in research, innovation and modern infrastructure,” he said. “With the right support, Atlantic Canada has tremendous potential to increase seafood production, strengthen Canada’s food security and create new economic opportunities.”
