IQALUIT, NUNAVUT--(Marketwire - June 6, 2012) - The Honourable Leona Aglukkaq, Minister of the Canadian Northern Economic Development Agency (CanNor) and Minister of Health announced today 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.
"The Government of Canada is pleased to invest in the commercial fishery in Nunavut -- one of the key sectors for economic development in the region," said Minister Aglukkaq. "Inuit-owned companies like Niqitaq are major contributors to economic development and job creation in Nunavut."
"CanNor's funding of this project clearly indicates that CanNor is on the right track to making the proper investments into the economic development of the North. This investment will allow us to move one step closer to managing our business to the benefit of Nunavimmuit states," 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. It will also increase opportunities for employment.
Investment in this project is made possible through CanNor's Aboriginal Business Development Program (ABDP) which provides business development support to Aboriginal entrepreneurs and organizations.
ABDP is one of several economic development programs within CanNor. CanNor is responsible for coordinating and delivering Canada's economic development initiatives across the North, and for related policy development and research.
For copies of CanNor news releases, visit: http://www.cannor.gc.ca.
For more information on Canada's Northern Strategy, visit www.northernstrategy.ca.