Ottawa gives BFC subsidiary $400,000 to buy out non-Inuit shares
"The investment will lead to an increase in the level of Inuit ownership"
Niqitaq Fisheries Ltd., a subsidiary of the Baffin Fisheries Coalition, will get roughly $400,000 over two years from the Canadian Northern Economic Development Agency, Leona Aglukkaq, Nunavut’s MP and the minister responsible for CanNor, said June 6.
The money “will lead to an increase in the level of Inuit ownership and participation of the offshore fishing industry in Nunavut,” the news release said.
“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,” Aglukkaq said in the release. “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 Nunavummiut,” said Ben Kovic, the chairman and president of Niqitaq.
CanNor’s investment will allow Niqitaq to purchase 49 per cent of the non-Inuit shares of the vessel Sikuvut.
This will result in Niqitaq owning 100 per cent of two of their three vessels, and will give the company more control of their fishing enterprise and the benefits associated with the fishery, the news release said. It will also increase opportunities for employment, it said.
The money for this project comes from CanNor’s Aboriginal Business Development Program which provides business development support to aboriginal entrepreneurs and organizations.