The P.E.I. government is welcoming a partnership with the Atlantic provinces and the federal government highlighted by a new federal investment of $325 million for the seafood industry.
"It has been decades since funding of this magnitude has been announced for our fishery and aquaculture sector," P.E.I. Agriculture and Fisheries Minister Alan McIsaac said in a news release.
"We welcome this federal and regional partnership, which will provide an economic boost to one of province's primary industries and to rural communities across Prince Edward Island."
The funding stems from the Atlantic Fisheries Fund announced on Friday.
Improve seafood quality, sustainability
The province says the partnership aims to improve the quality and sustainability of seafood through cost-sharing projects and make the sector more prosperous. As well, the fund is expected to help the Island with access to national markets, creating middle-class jobs and supporting coastal fishing communities.
According to the P.E.I. government, fisheries and aquaculture has a value of approximately $400 million to the economy, employs more than 8,500 people during the peak season and comprises three per cent of GDP.
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