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March 20, 2012
ST. JOHN’S, NL – Senator Elizabeth Marshall, on behalf of the Honourable Keith Ashfield, Minister of Fisheries and Oceans and Minister for the Atlantic Gateway, and the Honourable Bernard Valcourt, Minister of State for the Atlantic Canada Opportunities Agency (ACOA) and La Francophonie, today announced more than $4 million for aquaculture projects in Newfoundland and Labrador.
“This investment supports the development of an innovative and competitive aquaculture industry in Newfoundland and Labrador,” said Senator Marshall. “The $4 million we are announcing today 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 $708,500 and $3.3 million in funding is being provided through the ACOA’s Business Development Program. Together, in partnership with the private sector, this funding provides 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 program has stimulated $31.5 million in private sector investment since 2008.
The Atlantic Canada Opportunities Agency’s Business Development Program is designed to help set up, expand or modernize a business. Focusing on small and medium-sized enterprises, the program 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 $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.
Newfoundland and Labrador’s aquaculture industry is receiving a $4 million boost from the Harper Government. The announcement was made earlier today by Senator Elizabeth Marshall on behalf of Fisheries and Oceans Minister Keith Ashfield, and ACOA Minister Bernard Valcourt, at the Northwest Atlantic Fisheries Centre in St. John’s. Funding will support several projects across the province, with $708,000 provided through Fisheries and Oceans Canada’s Aquaculture Innovation and Market Access Program, and $3.3 million provided through ACOA’s Business Development Program.
Joint Backgrounder: Aquaculture Projects in Newfoundland and Labrador 2011/2012
Aquaculture in the Coast of Bays Region: Video and Web Article
For more information:
Fisheries and Oceans Canada
Office of the Minister
Fisheries and Oceans Canada
Fisheries and Oceans
Newfoundland and Labrador Region
Director, Public Affairs and Analysis
ACOA Newfoundland and Labrador