THE Canadian government has opened up a $400 million fund to help the country’s seafood industry modernise and expand.
Titled the Atlantic Fisheries Fund, it is accepting proposals from both the aquaculture and fishing sectors.
The fund is being administered by Fisheries and Oceans Canada and its provincial partners in Atlantic Canada.
The government says the fund will focus on growing opportunities and increasing market value for sustainably sourced, high quality fish and seafood products from Atlantic Canada, an area which includes Newfoundland, Labrador, Nova Scotia, Prince Edward Island and New Brunswick.
‘Canada’s fish and seafood sector is an integral part of the economic and social fabric of many coastal communities across the country,’ a government statement said.
‘That is why the government of Canada and our provincial and territorial governments are collaborating to modernise the sector.
‘Innovation in this sector, which is integral to the Canadian economy, means more job opportunities for hundreds of small coastal and indigenous communities in Atlantic Canada, and across the country.
‘Investments flowing from the fund will position the fish and seafood sector in Atlantic Canada for long-term sustainable growth and will support continued industry efforts to provide consumers with high quality, sustainably sourced, Canadian fish and seafood products.’
To be eligible for the fund, projects must focus on research and development, innovations, sustainability and science partnerships in aquaculture and fisheries.
The government said that it will engage with a broad range of potential participants over the coming months to help identify opportunities and its investment priorities.