Atlantic fisheries get $325M boost from Ottawa

HALIFAX — Ottawa is making a $325 million bet that Atlantic Canada’s fishing industry — which already employs 58,000 people — has a lot more room to grow. The new Atlantic Fisheries Fund is aimed at driving innovation and growth, with an eye on opening up new markets in Asia and in Europe.

“A third of a billion dollars of new federal investment should and we believe will make a very significant economic impact,” federal Fisheries Minister Dominic LeBlanc said during a news conference Friday at Halifax’s Stanfield Airport.

The fund will be used for marketing, as well as to support new ways to harvest and process fish.

While specific details to come, LeBlanc said Ottawa would work with the four Atlantic provinces to set priorities once they sign on.

“Together we are committed to growing the region’s commercial fishing and seafood sector in ways that’s economically prosperous, environmentally responsible, and globally competitive,” said LeBlanc.

LeBlanc noted commercial fishing employs 58,000 in the region, while the landed value of the sector in 2015 was $2.8 billion.

The fund is new money and there are is no stipulation for matching provincial contributions, although that may happen.

Nova Scotia Premier Stephen McNeil was on hand for the announcement, along with New Brunswick’s deputy premier, Stephen Horsman, and Prince Edward Island Fisheries Minister Alan McIsaac.

McNeil said the fund will help the region build on a growing sector that accounts for 80 per cent of Canada’s seafood exports.

He said the fund could be used to promote an Atlantic brand and to provide greater economic opportunities for small producers.