The federal and Quebec governments have announced the renewal and expansion of the Quebec Fisheries Fund, committing $50 million to support innovation, sustainability and market diversification across the province's seafood industry.

Originally launched in 2019 with a budget of $42.8 million, the fund has helped fisheries businesses modernize operations, improve infrastructure and develop new products. Since its introduction, nearly $37 million has been distributed to 198 projects, generating approximately $85 million in total investments across Quebec.

The renewed program will continue offering non-repayable contributions of up to $100,000 per project, helping fishermen, seafood processors and industry organizations invest in equipment, research and business development.

Industry leaders welcomed the announcement, describing the fund as a vital tool for maintaining the competitiveness of Quebec's fisheries sector. Claudio Bernatchez, General Manager of ACPG Innovation, said the program has encouraged companies to pursue projects that otherwise may not have been financially viable, including recent efforts to develop the province's emerging rockfish fishery.

Under the new agreement, the Quebec government will increase its share of funding to 40%, up from 30% under the previous arrangement, demonstrating a stronger provincial commitment to the seafood industry.

Quebec Agriculture, Fisheries and Food Minister Donald Martel said the expanded investment reflects the government's goal of strengthening food self-sufficiency while promoting Quebec seafood products in domestic and international markets.

The renewed Fisheries Fund will take effect on September 1 and remain in place until 2031. The agreement also aligns with the federal government's broader strategy to diversify export markets and reduce Canada's reliance on the United States for seafood trade.

The announcement makes Quebec the first province to finalize a renewed fisheries funding agreement, ahead of similar programs planned for Atlantic Canada and British Columbia.