MONCTON, NB, Oct. 15, 2026 /CNW/ -- Canada's fish and seafood sector is the best in the world, and the Government of Canada is helping businesses reach even more customers.

Today, the Minister of Fisheries, the Honourable Joanne Thompson, announced the renewal of the Atlantic Fisheries Fund (AFF) for a further five years. Minister Thompson was joined by the Honourable Kent Smith, Minister of Fisheries and Aquaculture for Nova Scotia; the Honourable Pat Finnigan, Minister of Agriculture, Aquaculture and Fisheries for New Brunswick; the Honourable Ernie Hudson, Minister of Fisheries, Rural Development and Tourism for Prince Edward Island; and the Honourable Loyola O'Driscoll, Minister of Fisheries and Aquaculture for Newfoundland and Labrador.

In partnership with the provinces of Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador, the renewed Fund will make strategic investments of over $300 million in projects in the Atlantic Region, over the next five years. The contribution is split, with the Government of Canada providing 60% of the funding, and the Atlantic provinces 40%.

The renewed AFF will have four pillars. To be eligible, projects must align with one of the following four areas:

• Market Diversification – to support market development activities, including export-focused advertising, market analysis, industry branding, promotion and advertising; and the dissemination of research focused on market access requirements such as regulatory standards – all to make the fish and seafood sector more resilient to global trade disruptions;
• Innovation – to support research and development of new innovations that contribute to the productivity and sustainability of the fish and seafood sector, and to create partnerships and networks that aim to promote and encourage innovations in the sector;
• Infrastructure – to adopt or adapt new technologies, processes, or equipment to improve the productivity and sustainability of the fish and seafood sector;
• Science Partnerships – fisheries and aquaculture industry-based partnerships with academia and institutions to enhance knowledge and understanding of the impacts of changing oceanographic conditions, including adaptability measures, and sustainable harvesting technology.

The Market Diversification pillar is new to AFF and is essential for the continued diversification of the fish and seafood sector beyond traditional markets, and in the face of the changing global economic landscape. Projects eligible under the previous version of AFF will continue to be eligible under the renewed program.

The Atlantic Fisheries Fund will begin accepting applications today.  

Quotes

"Fishing has kept Atlantic communities going for generations, and the people in this industry produce the finest seafood you'll find anywhere. I'm proud to renew the Atlantic Fisheries Fund with our provincial partners and give it a new pillar on opening more markets for the world-class fish and seafood Canadian harvesters and growers bring in. When Atlantic seafood sells to more of the world, we build Canada strong."

The Honourable Joanne Thompson, Minister of Fisheries

"From harvesters and seafood processors to aquaculture operators, New Brunswick's fish and seafood industry plays a vital role in communities throughout our province. Renewing the Atlantic Fisheries Fund will help businesses invest in innovation, strengthen their competitiveness and create opportunities for future growth."

The Honourable Pat Finnigan, Minister of Agriculture, Aquaculture and Fisheries, Government of New Brunswick

"Today's announcement marks an important milestone for the fishing and aquaculture sectors in Newfoundland and Labrador, and our neighbouring partners throughout the Atlantic region. This renewed agreement reflects Newfoundland and Labrador's priorities by supporting coastal and rural communities, advancing regional economic development, expanding market access and market diversification, strengthening the seafood industry, creating quality employment opportunities, and fostering sustainable growth. Expanding access to global markets is key to the long-term success of our seafood sector, and this agreement will help position the industry for continued growth and prosperity."

The Honourable Loyola O'Driscoll, Minister of Fisheries and Aquaculture, Government of Newfoundland and Labrador

"Maintaining vibrant and prosperous fishing, aquaculture, and seafood industries is incredibly important for the communities that rely on them as well as the wider economy. A renewed Atlantic Fisheries Fund reflects the value a strong federal and regional collaboration brings in support of industry as it advances sustainable practices and ensures our seafood sector remains strong and competitive for future generations. I'm particularly pleased with the new focus on market development and diversification as we work to expand opportunities for Island seafood in new and emerging markets." 

The Honourable Ernie Hudson, Minister of Fisheries, Rural Development and Tourism, Government of Prince Edward Island

Nova Scotia's seafood sector is a cornerstone of our economy, with real potential to contribute even more to GDP growth. The next generation Atlantic Fisheries Fund (AFF 2.0) will help businesses invest in new technology, become more productive, create more value from what's harvested and reach new markets. That means stronger businesses, good jobs and more economic growth in rural and coastal communities across Nova Scotia."

The Honourable Kent Smith, Minister of Fisheries and Aquaculture, Government of Nova Scotia

Quick Facts

• The Atlantic Fisheries Fund was originally launched in 2017, running for nine years, with over $370 million from the Government of Canada and the Atlantic provinces, split 70/30. From its inception to March 31, 2026, AFF funded 1,331 projects across the Atlantic Region.

• Previously funded projects included projects focused on innovation in processing, freezing, packing and shipping of seafood; new scientific partnerships to study impacts of climate; infrastructure upgrades to better support efficiency for workers; and upgrades to vessels for live storage of lobsters. These types of projects all remain eligible under the renewed program.
  
  
• AFF staff are available to help proponents develop proposals and to answer questions. They can be reached at 1-844-795-9718 (Toll Free) and regionalaff-fparegional@dfo-mpo.gc.ca.

Related Products:

• Backgrounder

Associated Links

• The Atlantic Fisheries Fund
• AFF Application

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SOURCE Fisheries and Oceans (DFO) Canada