Canada announces US$28M investment in fishing, seafood projects

CANADA – The Government of Canada and the Province of New Brunswick are allocating US$28 through the Atlantic Fisheries Fund (AFF) to support modernization and sustainability projects in New Brunswick’s fishing and seafood industries.

This funding aims to help fishermen and processors implement advanced equipment and upgrade resources, focusing on increasing productivity and promoting environmentally sustainable practices within the sector.

The projects funded by the initiative are grouped into three categories. 

In processing, efforts will center on enhancing product quality to improve competitiveness. In aquaculture, the focus is on fostering sustainable growth in oyster, salmon, and Arctic char farming. 

Harvesting projects will target improvements in onboard handling, data collection, and resource monitoring.

Diane Lebouthillier, Minister of Fisheries, Oceans, and the Canadian Coast Guard, stated, “This investment supports innovation and the adoption of advanced technologies to ensure the sector’s sustainability, efficiency, and ability to deliver high-quality seafood to global markets.”

The US$294M Atlantic Fisheries Fund, established in 2017, is jointly funded by federal and provincial governments. 

The fund is scheduled to run until March 2026, offering financial support to commercial fisheries and aquaculture businesses, Indigenous communities, research institutions, and related industry organizations.

Pat Finnigan, New Brunswick’s Minister of Agriculture, Aquaculture, and Fisheries, highlighted the significance of the initiative, noting that it enables fish harvesters and processors to modernize operations, integrate innovative approaches, and enhance productivity.

Aquaculture Industry Trends

Canada’s aquaculture industry showed mixed results in 2022. 

While total production volume dropped by 9%, its overall value increased by 1%. 

Finfish represented 76% of the industry’s total production volume and 91% of its value, with salmon accounting for 65% of the volume and 81% of the value.

British Columbia contributed the largest share of aquaculture production, responsible for 58% of the volume and 68% of the value. 

Freshwater fish production reached 15,000 metric tons, while prices for farmed finfish rose 16.5% to US$7.10 per kilogram. 

Shellfish production grew by 4.2%, with an average price increase of 7.2%, reaching US$2.30 per kilogram.

Canada continues to import key fish species, including trout, tilapia, and catfish.

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