CANADA MAKES STRATEGIC INVESTMENTS THROUGH ATLANTIC FISHERIES FUND
Canada makes strategic investments through Atlantic Fisheries Fund. The Government of Canada and the Province of Newfoundland and Labrador is making strategic investments through the Atlantic Fisheries Fund. These funds will help the industry innovate, invest in new technology, and collaborate with scientists, marketers, and other institutions in order to maximise the value of their product.
The funding — a total contribution of more than $26 million — invests in 134 projects that focus on modernising technologies to improve quality of landings and increase productivity and sustainability in the fish and seafood sector of Newfoundland and Labrador. Supporting the groundfish and sustainably growing the aquaculture sector continue to be key priorities.
Specifically, investments are being made in:
- Harvesting – 110 projects for fish harvesters, to invest in innovative equipment and technologies that will advance onboard handling techniques and increase productivity and quality of products for local enterprises.
- Processing – 17 projects targeting advancements in processing technologies, diversification and product quality improvements to improve competitiveness, thus adding value to the industry.
- Aquaculture – 7 projects to support further growth of the salmonid and shellfish sectors, by investing in innovative technology to increase productivity, improve product quality and support growth and innovation in the supply and service sector.
Funding these important initiatives will help transform the provincial fish and seafood sector, resulting in a positive impact on communities and local economies.
The contribution comes from the $400 million Atlantic Fisheries Fund, jointly funded by the federal and provincial governments, and focuses on increasing opportunities and market value for sustainably sourced, high-quality fish and seafood products from Atlantic Canada.
The Atlantic Fisheries Fund will continue to invest in projects over the seven-year life of the programme. The commercial fisheries and aquaculture industry, Indigenous groups, universities and academia and industry associations and organisations, including research institutions, may apply.
Eligible projects must focus on:
- Innovation – to support research and development of new innovations that contribute to sustainability of the fish and seafood sector, and to create partnerships and networks that aim to promote and encourage innovations in the sector;
- Infrastructure – to adopt or adapt new technologies, processes, or equipment to improve the effectiveness and sustainability of the fish and seafood sector;
- Science Partnerships – fisheries and aquaculture industry based partnerships with academia and institutions to enhance knowledge and understanding of the impacts of changing oceanographic conditions and sustainable harvesting technology.