The marketing strategy will focus on developing new opportunities for the lobster industry's sustainability and profitability. (CBC)

Atlantic Canada's lobster industry is getting $417,000 to develop a comprehensive marketing strategy, federal Fisheries Minister Gail Shea announced in Charlottetown Saturday.

Ottawa is contributing $352,000, while the four Atlantic provinces and Quebec are providing a combined total of $65,000, Shea said during a news conference at the Atlantic Veterinary College.

"The seafood industry is a significant contributor to our economy and the livelihood of many of our people," said Shea, the MP for Egmont, P.E.I.

'Through this investment, our government is helping the industry to identify new markets and long-term solutions to the challenges caused by the global economic downturn.'—Federal Fisheries Minister Gail Shea

"Through this investment, our government is helping the industry to identify new markets and long-term solutions to the challenges caused by the global economic downturn."

Lobster prices in the region dipped to below $3 a pound last season, a 20-year low.

Some fishermen have said prices are below the break-even point and the low revenues mean many won't qualify for employment insurance.

Those low prices sparked protests from many Maritime lobster fishermen and forced the federal government to unveil a new $65-million plan to help Atlantic Canadian fishermen in June, with $15 million of that fund earmarked specifically for the lobster industry.

"The marketing strategy which is being developed in partnership with the industry and the federal and provincial governments will highlight the great value and high quality of Atlantic Canadian lobsters to the world," said P.E.I.'s Minister of Fisheries, Aquaculture and Rural Development Neil LeClair.

"As part of the provincial government's Five Point Lobster Plan, the objective is to support the industry in its efforts to gain new and expanded markets and assist in its recovery," he said.

Key part of rural plan

Support to the lobster industry is a key component of the province's recently announced Rural Action Plan, LeClair added.

Shea made the announcement on behalf of Keith Ashfield, Minister of National Revenue, Minister for the Atlantic Canada Opportunities Agency (ACOA) and Minister for the Atlantic Gateway.

Also on hand were officials from the University of Prince Edward Island and members of the newly formed Lobster Council of Canada, which will act as oversight committee for the project.

The council, which was announced last fall, is made up of fishermen, processors and First Nations representatives, and has a two-year budget of $370,000.

It has hired a consulting firm to spend the next few months touring Atlantic Canada to take stock of concerns in the industry. The firm will also study international markets to find new opportunities, but its report won't be complete until after the start of the spring lobster season.