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Production Value of Canada's Fishery Positioned to Exceed $1 Billion

03 January 2014

CANADA - The provincial fishing industry is projected to once again achieve approximately $1 billion in total production value in 2013, and is well positioned to exceed that value in the coming years given the tremendous new developments that took place over the past year.

“There is so much to be proud of with respect to our provincial fishery, and gains achieved this year have set the stage for the Provincial Government to work with industry to achieve unprecedented economic benefits for rural Newfoundland and Labrador. Foremost among those gains were the terms achieved through CETA, which have not only removed barriers that previously prevented our access to the richest seafood market in the world, but also created a $400 million federal-provincial fund to make our industry more globally competitive than ever,” said Keith Hutchings, Minister of Fisheries and Aquaculture.

When the agreement comes into force, CETA is expected to immediately add C$25 million back into the fishing industry through the elimination of punitive tariffs, and establish new opportunities that could add over C$100 million to the industry.

“The Provincial Government has considerable experience with making strategic investments to foster success in the fishery, and that will help us make full use of the $400 million federal-provincial fund. As Minister of Fisheries and Aquaculture, I am very pleased with the success we have had throughout 2013 as we partnered with industry stakeholders in many different ways to pursue greater value from our fishery,” said Minister Hutchings.

Newfoundland and Labrador remains the only jurisdiction in Canada that funds its own offshore fisheries research. Examples of science projects include satellite tracking of cod on the northeast coast, studies of halibut in the Gulf of St. Lawrence, and research on the abundance of haddock on the south coast.

With respect to supporting technology innovation, the Provincial Government’s Fisheries Technology and New Opportunities Programme continued to provide valuable assistance to the industry in 2013, and has now supported more than 230 research and development projects in the areas of harvesting and processing technology, and new approaches to marketing.

In regard to supporting the sealing industry, the Provincial Government provided multi-million dollar short-term loans to support inventory financing, and committed funds to support international marketing efforts and research into new products. These investments supported growth in the industry, as more than 90,000 seals were harvested during the 2013 season, representing an increase of approximately 30 per cent over the 69,000 seals that were harvested in 2012.

Through sound fiscal management and responsible decisions, the Government of Newfoundland and Labrador is strengthening the business environment, encouraging the development of innovative industries, and building a vibrant economy.

TheFishSite News Desk

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