Vessel To Support Nunavut Fishing Industry

CanNor-10-019

Iqaluit, (Nunavut), June 21, 2010 - Nunavut’s fishing industry will benefit from a new fishing vessel thanks to an investment by the Canadian Northern Economic Development Agency (CanNor), the Government of Nunavut and Niqitaq Fisheries Ltd. 

The Honourable Gail Shea, Minister of Fisheries and Oceans and Johnny Mike, Chairman and President of Niqitaq Fisheries Ltd. made the announcement today.

CanNor will invest $250,000 towards the purchase of the vessel while the Government of Nunavut will invest $650,000. Niqitaq Fisheries Ltd. will contribute the remaining $600,000 towards the cost of the vessel, through an equity investment and a loan. The $1.5 million fixed gear fishing vessel is expected to start operating next Spring.

“This investment will enable Niqitaq Fisheries to expand its operations, improve Inuit employment and increase their market share of fish caught in Nunavut waters,” said Minister Shea, who made the announcement on behalf of the Honourable Chuck Strahl, Minister of the Canadian Economic Development Agency.

“Increasing economic benefits to Inuit is an important goal of this Government,” said the Honourable Leona Aglukkaq, Minister responsible for the North and Minister of Health. “By investing in this vessel, more Inuit will be able to work in the fisheries sector and we will be able to continue to develop the industry.”

“This is a major step forward by Niqitaq Fisheries Ltd., as it will be a 100 per cent Inuit owned fishing enterprise. We are very pleased to purchase this vessel in partnership with the Hunters and Trappers Associations of Clyde River and Kimirut. This investment will see more benefits from Nunavut’s fishery going to these communities, said Mr. Mike Chairman of the Baffin Fisheries Coalition and Niqitaq Fisheries Ltd.

CanNor funding for this investment was provided through the Aboriginal Business Development Program (ABDP), which provides business development support to Aboriginal entrepreneurs and organizations. Investment from the Government of Nunavut came via Strategic Investments Program (SIP), which is administered by Government of Nunavut’s Department of Economic Development and Transportation. Niqitaq Fisheries invested its own money and also received a loan through the Nunavut Business Credit Corporation.

CanNor is responsible for coordinating and delivering federal economic development activities in the territories, and for related policy development, research and advocacy.

Backgrounder - Supporting Nunavut Fishing Industry

Please visit these web sites to learn more about Canada's Economic Action Plan   and Canada's Northern Strategy  .

 

For further information, please contact:

Office of the Honourable Chuck Strahl
Michelle Yao
Press Secretary
819-997-0002

Canadian Northern Economic Development Agency
Craig Welsh
Communications Advisor
867-975-4537

Niqitaq Fisheries Ltd.
Jerry Ward
CEO Niqitaq Fisheries Ltd.
867-979-3066