Atlantic Fisheries Fund renewal brings $31.6 million investment in PEI over five years
The Atlantic provinces and the Government of Canada are renewing the Atlantic Fisheries Fund, investing an extra $31.6 million in Prince Edward Island's fisheries and aquaculture sector.
The investment includes $18.96 million in federal funding and $12.6 million in provincial funding. The Fund renewal reflects the ongoing partnership between Atlantic provinces and the federal government to make strategic investments that support industry priorities and create opportunities across the region and internationally.
"Prince Edward Island’s fisheries and aquaculture sector is a cornerstone of our economy and a vital source of jobs and opportunities across the province. This renewed agreement, which follows sustained advocacy by Atlantic Premiers with the Prime Minister, will help Island harvesters, processors, growers, and exporters invest in innovation, strengthen infrastructure and expand into new markets. As global demand continues to evolve, this investment will help ensure our seafood sector remains resilient, competitive, and positioned for long-term growth."
- Premier Rob Lantz
The original fund, signed in 2017, was designed to help the Atlantic region better meet growing market demand for sustainably sourced, high-quality fish and seafood. Over seven years, the fund supported 153 PEI-based projects and seven pan-Atlantic initiatives.
The new Fund is based on the same three pillars including innovation, infrastructure, and science partnerships, with the addition of market diversification. Applicants can learn more and apply for support under any of the pillars by visiting the program webpage.
"Maintaining vibrant and prosperous fishing, aquaculture, and seafood industries is incredibly important for the communities that rely on them as well as the wider economy," said Minister of Fisheries, Rural Development and Tourism Ernie Hudson. "A renewed Atlantic Fisheries Fund will support industry as it advances sustainable practices and ensures PEI's seafood sector remains strong and competitive for future generations. I'm particularly pleased with the new focus on market development and diversification as we work to expand opportunities for Island seafood in new and emerging markets."
Fisheries and aquaculture in Prince Edward Island have contributed approximately $400 million to the provincial economy and is three per cent of our provincial GDP. The industry is the economic driver in many rural communities, employing more than 5,000 people in peak season.
Media contact:
Janice Fogarty
Department of Fisheries, Rural Development and Tourism
jefogarty@gov.pe.ca