Canada, boasting the world’s longest coastline, places significant reliance on the fish and seafood sector, considering it a vital contributor to local and regional economies. In recognition of this, the Government of Canada and the Province of New Brunswick have unveiled financial backing for True North Salmon Limited Partnership and Cooke Aquaculture Inc. This support is extended through the Atlantic Fisheries Fund (AFF).
The AFF is providing a repayable contribution exceeding $6.7 million towards a project totaling over $15.6 million. This funding will facilitate the acquisition of cutting-edge equipment for True North Salmon’s processing plant in St. George, NB. The new equipment is designed to enhance value-added processing capabilities and allow for individual product portioning.
True North Salmon, a key player within the Cooke Aquaculture group, is undergoing a substantial plant expansion that will double its processing plant’s size. This expansion aims to address market demands, tackle labor shortages, and enhance overall company productivity.
The contribution from AFF, part of the $400 million initiative jointly funded by the federal and provincial governments, seeks to enable Cooke Aquaculture to consolidate local salmon processing capacity. The objective is to create a more flexible product mix better suited to consumer needs.
Introduced in 2017, the AFF has a seven-year duration and focuses on increasing opportunities and market value for sustainably sourced, high-quality fish and seafood products from Atlantic Canada. The fund welcomes applications from various sectors, including the commercial fisheries and aquaculture industry, Indigenous groups, universities, academia, and industry associations.
Source: Fisheries and Oceans Canada
