The president of the Atlantic Beef Products plant in Albany, P.E.I. says he's sympathetic to the province's decision to review financial support to the plant.

The facility is currently losing about $3 million a year.

But Mike Nabuurs says the funding is crucial to the plant’s future.

"I do understand, you know, that $3 million is a big number, but that continues to get spun back into the provincial economy and help the agriculture sector in a number of different ways.

"Yes it is a lot of money and the province will have to decide if it continues to be a priority for them. But it is important to remember that those dollars don’t simply vanish and are wasted. It’s certainly not a waste. It’s an investment," Nabuurs said.

The beef plant is the only federally inspected beef processor in the Maritimes. Nabuurs pointed out Nova Scotia and New Brunswick don’t currently contribute money to the P.E.I. plant, even though some of the cattle do come from those provinces. He says that’s something that could be explored. He also adds that he’s optimistic new successful markets will be developed over time.

In October, P.E.I.’s agriculture minister George Webster said Premier Robert Ghiz supported the plant but was hopeful the situation would turn around on its own as new markets are developed.