Federal and provincial authorities are recharging the Atlantic Fisheries Fund, emphasizing market expansion amid the ongoing trade tensions with the U.S. Federal Fisheries Minister Joanne Thompson highlighted the enhanced opportunities for harvesters, processors, and communities to increase their global market presence during a press briefing in Moncton.
The fund, initially introduced in 2017 with a $400 million allocation spread over seven years, received a two-year extension in 2024 and is now being prolonged further. Over the next five years, more than $300 million will be accessible from the fund to back projects in the region.
Projects seeking funding must align with one of the four fund pillars: market diversification, innovation, infrastructure, or science partnerships, with market diversification being a new addition. The federal government will contribute 60% of the fund, while provincial governments will cover the remaining 40%.
Thompson noted that Canada exported $8.5 billion worth of fish and seafood in 2025, with around $6.5 billion originating from the Atlantic provinces. Despite recent challenges, including tariffs and trade disputes impacting market confidence, the sector remains resilient.
The fund has supported various projects in the past, such as upgrading a Cooke salmon processing facility in St. George, N.B., and assisting the P.E.I. Fishermen’s Association in enhancing the quality and market value of live lobster catches. Additionally, Scotia Harvest’s new groundfish processing plant in Digby, N.S., and Icewater Seafoods’ modernization of the Arnold’s Cove, N.L., cod processing plant were aided by the fund.
The new market diversification pillar aims to finance endeavors like attending trade shows, branding products for new markets, or hiring market managers to facilitate market entry. The fund has already allocated $370 million to over 1,300 projects in the region over the past nine years.
Responding to inquiries about federal support for market diversification, Thompson emphasized the tailored assistance for both new entrants and those already engaged in diversification efforts. She expressed confidence in the global demand for Canadian seafood products.
The significance of the fund in promoting trade diversification was underscored by all four regional fisheries ministers. Ernie Hudson, the Prince Edward Island minister, highlighted the fund’s role in showcasing the region’s offerings globally. Kent Smith, the Nova Scotia minister, emphasized the need for industry resilience amidst rising costs and trade uncertainties.
Loyola O’Driscoll, the Newfoundland and Labrador minister, stressed the economic value and job creation potential of the seafood sector in the province. The fund’s emphasis on market diversification aligns with the long-term growth strategy for the industry.
The fund’s core pillars include market diversification, innovation, infrastructure, and science partnerships, targeting sustainability and productivity enhancements within the sector.
