The Department of Fisheries and Aquaculture, in partnership with the Department of Economic Development, has announced to invest $3.75 million in the Nova Scotia seafood industry over the next three years. It is informed that the funds will be provided through the Community Development Trust Fund, which was established to help communities and workers hard hit by economic challenges.
Experts said that cost-shared funding will be used to diversify markets and develop new products, improve productivity and product quality and to meet consumer expectations about food sustainability. Fisheries and Aquaculture Minister Ron Chisholm is of a view that Nova Scotia is Canada’s leading seafood exporting province and the industry provides thousands of jobs in its coastal communities.
He also pointed out that the government recognizes the importance of the seafood sector to the province and the need for an industry driven renewal process to meet the current challenges. Seafood producers are facing many challenges such as a weakening U.S. economy, increased global competition, higher production costs and changing consumer expectations.
According to the authority funding will be available to eligible applicants in three areas such as diversifying into new export markets; adopting new technology and processing techniques that enhance value and reduce costs; seeking independent eco-certification of key fisheries and reducing the use of fossil fuels in seafood production. Jamie Muir, acting Minister of Economic Development, told that the authority is focusing on projects that will give a boost to economic growth in the seafood sector.
