CanNor Funding: $250,000
Government of Nunavut funding: $650,000
Niqitaq Fisheries Ltd.: $600,000
The Canadian Northern Economic Development Agency, on behalf of the Government of Canada, the Government of Nunavut’s Ministry of Economic Development and Transportation and Niqitaq Fisheries Ltd. today announced funding towards the purchase, upgrading and operation of a fixed gear fishing vessel. The vessel will be used in the waters off Nunavut.
This investment is a significant step in the development and growth of Nunavut’s turbot fishing industry and will provide economic benefits to the Inuit and their communities. The purchase of this vessel will:
- Lead to the creation of 10 full-time jobs in Nunavut’s developing fishing industry;
- Increase the market share of fish caught in Nunavut waters for Niqitaq Fisheries;
- Reduce the company’s dependence on contracts for other fishing vessels in order to meet their quota; and,
- Lead to the reinvestment of profits in the community in the form of training and opportunities for inshore fishery research and development.
Niqitaq Fisheries Ltd. purchased the Vinlander fishing vessel from Ocean Choice International in March 2010. Upgrades will be carried out on the vessel at a Shipyard in Newfoundland and Labrador in the summer and fall of 2010. The Vinlander is expected to be operating in Nunavut waters by Spring 2011.
Niqitaq Fisheries is the commercial arm of the Baffin Fisheries Coalition (BFC). The BFC was established in 2001 as a not-for-profit company to bring together fishing interests in the Baffin region and to develop the new turbot resource available to the territory. In 2003 the Niqitaq Fisheries Ltd. was established as the for-profit arm of the BFC to maximize benefits of the fishery to Nunavummuit.
The Aboriginal Business Development Program (ABDP)
Funding for this project was provided through the Aboriginal Business Development Program (ABDP) which provides business development support to Aboriginal entrepreneurs and organizations. It is part of a suite of programs CanNor administers under the Aboriginal Economic Development program.
