The federal government and Atlantic provinces are committing more than $300 million over five years to renew the Atlantic Fisheries Fund, with a new emphasis on helping seafood companies find customers in additional international markets.
Federal Fisheries Minister Joanne Thompson announced the renewal Wednesday alongside fisheries ministers from Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador.
The renewed fund will maintain support for innovation, infrastructure and science partnerships while adding market diversification as a fourth pillar.
Thompson said the goal is to support companies in existing markets while helping them expand into new ones.
“What I have seen clearly is Asian markets, the EU. Canadian seafood is highly desirable, and it is a value product,” Thompson said in an interview.
She said Canadian seafood already has a strong reputation abroad and believes there is considerable room for additional growth.
“The Canadian brand is valued, and certainly there is so much room to expand and to grow into all of these markets,” she said.
The new market diversification stream can support export advertising, market analysis, industry branding and promotion, along with research into regulatory and market-access requirements.
The federal government says the change is intended to make the seafood industry more resilient to global trade disruptions.
Thompson said the addition reflects both the current trade environment and the long-term growth of the seafood sector.
“When you renew funds, it’s important to also ensure that the renewal aligns with the current reality,” she said.
The cost-sharing arrangement between Ottawa and the provinces is also changing.
Under the original Atlantic Fisheries Fund, launched in 2017, the federal government provided 70 per cent of the funding while the provinces covered 30 per cent.
For the renewed program, Ottawa will provide 60 per cent and the four Atlantic provinces will collectively provide 40 per cent.
Thompson said the new arrangement is closer to the structure used for other federal-provincial programs.
“The 60-40 split is in keeping with most provincial-federal funds,” she said. “It’s also, for me, a real indication that we work in partnership with our provincial counterparts.”
The original fund provided more than $370 million over nine years and supported 1,331 projects in Atlantic Canada through March 31, 2026.
Projects previously eligible under the program will remain eligible under the renewed fund.
Applications for the renewed Atlantic Fisheries Fund are now open.
