Federal and provincial authorities are injecting fresh funds into the Atlantic Fisheries Fund, with a renewed emphasis on expanding market opportunities amid the ongoing trade tensions with the U.S.
During a press conference in Moncton, Federal Fisheries Minister Joanne Thompson highlighted the significance of the replenished fund in providing more avenues for fishermen, processors, and communities to increase their global reach.
The fund, initially launched in 2017 with $400 million allocated over seven years, has been extended twice, with the latest extension spanning the next five years. More than $300 million will be earmarked to support various projects in the region during this period.
Projects seeking funding must align with one of the fund’s four core pillars: market diversification, innovation, infrastructure, or science partnerships. Notably, market diversification has been introduced as a new focal point.
Under the funding arrangement, the federal government will contribute 60% of the funds, with the remaining 40% coming from provincial governments.
Thompson underscored the sector’s resilience, citing that Canada’s fish and seafood exports in 2025 totaled $8.5 billion, with a significant portion originating from the Atlantic provinces. Despite challenges posed by tariffs and trade disputes, the sector has continued to thrive.
The minister cited examples of successful projects supported by the fund, including the modernization of a salmon processing plant in St. George, N.B., and initiatives by the P.E.I. Fishermen’s Association to enhance the quality and market value of live lobster catches.
The new market diversification pillar will enable funding for activities such as participation in trade shows, branding for new markets, and hiring market managers to facilitate market entry.
Over the past nine years, the fund has channeled $370 million into over 1,300 projects across the region, with a strong focus on aiding industry players in diversifying their markets.
Responding to queries about federal support for market diversification efforts, Thompson emphasized the department’s commitment to assisting both newcomers and established players in this endeavor.
The provincial fisheries ministers echoed the importance of the fund in facilitating trade diversification and enhancing the global presence of Atlantic Canadian seafood products. The ministers expressed optimism about the industry’s readiness to seize new opportunities and meet evolving market demands.
In closing, the ministers collectively emphasized the pivotal role of the fund in positioning the seafood sector for sustained growth and prosperity. They highlighted the sector’s economic significance, with Newfoundland and Labrador alone estimating an annual industry value exceeding $2 billion, supporting thousands of jobs across numerous communities.
The fund’s framework encompasses four key pillars, including market diversification, innovation, infrastructure development, and science partnerships, all aimed at bolstering the sector’s sustainability and competitiveness.