C$4 Million for Aquaculture Jobs and Growth

“This investment supports the development of an innovative and competitive aquaculture industry in Newfoundland and Labrador,” said Senator Marshall.

“The C$4 million will support jobs and help to ensure a brighter future for rural and coastal communities throughout the province.”

Projects are being funded through Fisheries and Oceans Canada’s Aquaculture Innovation and Market Access Program for a total value of C$708,500 and C$3.3 million in funding is being provided through the ACOA’s Business Development Programme. Together, in partnership with the private sector, the funding will provide the necessary support to help build employment and business development across the province.

“Our government keeps Atlantic Canada moving forward by investing in initiatives that focus on sustainable business growth,” said Senator Marshall. “The aquaculture industry is a major economic driver in Newfoundland and Labrador, and our investments will help these companies realize the great potential of this important industry, providing jobs and wealth for the people of this province for years to come.”

The Aquaculture Innovation and Market Access Program leverages investment from the private sector to improve the competitiveness, innovation, management and environmental performance of the Canadian aquaculture industry.

In the last three years, the program has funded 94 projects related to Innovation and 12 projects related to Market Access for a total of 106 projects. The programme has stimulated C$31.5 million in private sector investment since 2008.

The Atlantic Canada Opportunities Agency’s Business Development Programme is designed to help set up, expand or modernize a business. Focusing on small and medium-sized enterprises, the programme provides access to capital in the form of interest-free, repayable contributions.

The aquaculture industry employs nearly 700 people in Newfoundland and Labrador. The total economic value of the province’s aquaculture industry is over C$120 million dollars. These investments will support continued development in the province’s growing aquaculture industry, increase competitiveness of local companies in the global marketplace, and stimulate economic development and job creation across the province.