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

Ottawa and the four Atlantic provinces are extending a multimillion-dollar fund to support the fish and seafood sector during global economic headwinds. Federal Fisheries Minister Joanne Thompson announced a five-year renewal of the Atlantic Fisheries Fund, which will provide $300 million in investments for industry research, infrastructure, and other areas.

According to Global News, the federal government will provide 60 per cent of the funding, while Nova Scotia, New Brunswick, P.E.I., and Newfoundland and Labrador will contribute the remaining amount. The new money is intended to help the sector find new markets through advertising, branding, and market research. The federal Fisheries Department stated that improved marketing is intended to make the sector more resilient to global trade disruptions.

The fund was originally introduced in 2017 and has since provided more than $370 million for over 1,300 projects. Minister Thompson stated that expanding the markets for Atlantic seafood helps build a stronger Canada.

Brief written by urgent.news from Global News, Global News — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.