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 International 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 people in the region, while the landed value of the industry 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 depending on the initiative.
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. A separate announcement was also made by federal cabinet representative Judy Foote in St. John's, N.L.
McNeil said the fund will help the region build on a growing sector that already accounts for 80 per cent of Canada's seafood exports.
He said the fund could be used to promote an Atlantic Canadian brand and to provide greater economic opportunities for smaller seafood producers.
"We have a number of the world's leading seafood companies here, but we also have other companies in many rural communities that are doing great work," said McNeil.
"With some assistance they are going to be hiring more people but also looking and realizing they too can export into some of these major marketplaces."
Geoff Irvine, executive director of the Lobster Council of Canada, said it appears the fund will cover all of the major challenges faced by the sector from innovation to research and development and marketing.
He said his organization could use funding to support its campaign to brand Canadian lobster.
"We have a strategy all ready to go -- I think that would be an obvious one," he said.
Membertou First Nation Chief Terrance Paul, who was representing the Assembly of Nova Scotia Chiefs at the announcement, said the fishery is an important component for many of the region's reserves.
Paul pointed to the growing aquaculture sector as one area where native bands could seek support from the fund.
He said he went to Norway as part of a delegation two years ago on a fact finding tour.
"It is a very good area to go into to expand our fishery and to help our communities economically," said Paul.
