Investing in Inuit-Owned fisheries

Canadian government has decided to make good investment in Inuit-owned fisheries, confirms a report.

According to the press communiqué the Honourable Leona Aglukkaq, Minister of the Canadian Northern Economic Development Agency (CanNor) and Minister of Health announced a two-year investment of just over $400,000 for Niqitaq Fisheries Limited. The investment will lead to an increase in the level of Inuit ownership and participation of the offshore fishing industry in Nunavut.

Minister Aglukkaq said that the government is eager to invest in the commercial fishery in Nunavut -- one of the key sectors for economic development in the region. He added that Inuit-owned companies like Niqitaq are major contributors to economic development and job creation in Nunavut.

CanNor is making investment in the right direction into the economic development of the North, says Ben Kovic, Chairman and President of Niqitaq Fisheries Ltd. CanNor's investment will allow Niqitaq Fisheries Limited to purchase 49 percent of the non-Inuit shares of the vessel Sikuvut. This will result in Niqitaq Fisheries owning 100 percent of two of their three vessels, and will give the company more control of their fishing enterprise and the benefits associated with the fishery.

Source: marketwatch.com"

WorldFishingToday d. 08-06-2012