The Government of Canada and the Province of Nova Scotia have agreed to invest more C$44m ($34.4m) in the fish and seafood sector through the Atlantic Fisheries Fund.

The investment is aimed at helping the sector to meet the changing demands, as well as capitalise on the industry’s growth potential.

Canada Minister of Fisheries, Oceans and the Canadian Coast Guard Bernadette Jordan said: “Canada’s fish and seafood sector brought in over seven billion dollars in international revenue last year – with Nova Scotia leading the way. But we know there is still potential for growth.

“The projects we are supporting through the Atlantic Fisheries Fund will help our fisheries adapt to ever-changing markets and become even more sustainable and productive. And a stronger fishery means more jobs for coastal Canadians, and more prosperity in our coastal communities.”

The Atlantic Fisheries Fund will be investing more than C$400m ($$312m) over a period of seven years for support Canada’s fish and seafood sector.

The fund, jointly funded by the federal and provincial governments, will primarily focus on increasing opportunities and market value for fish and seafood products.

Nova Scotia Minister of Fisheries and Aquaculture Keith Colwell said: “Nova Scotia’s seafood quality is world-renown and this support for our fishery sector will go to enhance equipment, innovation, productivity, and Covid-19 protections.

“It will help our seafood industry remain safe and sustainable, and provide top quality seafood products to the world. We are excited to join with our federal partners, DFO, in these important investments.”