Funding approved for updating provincial aquaculture strategic plan

Tom Rideout, Minister of Fisheries and Aquaculture, today announced that funding valued at $5,300 has been approved to assist the Newfoundland Aquaculture Industry Association (NAIA) in updating the provincial aquaculture strategic plan.

Minister Rideout said, "I am pleased that this funding will be made available for this very important initiative. Our government believes that the aquaculture industry in this province has great potential. We have confidence in the economic and employment prospects of the industry. To that end, we will continue to support the provincial aquaculture development plan."

The Aquaculture Development Strategy for Newfoundland and Labrador was prepared through extensive consultation by NAIA and a number of federal and provincial government departments, with industry stakeholders. The plan identifies Atlantic salmon, steelhead trout, blue mussels and Atlantic cod as priority sectors for development. It includes recommendations comprehensive cost reduction activities, extension services, as well as financing and investment initiatives.

"This strategy has been instrumental in the sustainable development of the Newfoundland and Labrador aquaculture industry and this funding will enable it to continue to do so," said the minister. "As the industry continues to expand, the strategic approach to development will continue.

"Since this industry-wide plan is vital to the future of the aquaculture industry in this province," continued the minister, "it must be reviewed and updated from time to time to accommodate the changing industry. This is an extremely important initiative, and our government is pleased to assist NAIA in this venture."

The Department of Fisheries and Aquaculture is now working with NAIA to update the plan as a strategy for the next five years. This resulted from an industry wide consultation process initiated by the department and NAIA to identify key issues in the salmonid and shellfish sectors.

The minister reiterated government�s commitment to the aquaculture industry in Newfoundland and Labrador.

"Our aquaculture industry remains one of the areas that presents the best economic and job opportunities for the future of rural Newfoundland and Labrador," said Minister Rideout, "and the success of this industry is a top priority for government.

"We have made many strategic investments into this industry, including the Aquaculture Working Capital Loan Guarantee Initiative, which was created in November 2004 to improve the salmon aquaculture industry�s ability to engage financial institutions in providing working capital financing for development," continued the minister. "This initiative has been critical to the continuing development of the salmonid aquaculture industry in Newfoundland and Labrador."

Minister Rideout said, "The department has also implemented the Aquaculture Innovation Program, which is designed to improve the industry�s competitiveness and profitability by assisting companies in the technological improvement of finfish and farming methods. As an example of the magnitude of this program, $82,000 in funding was announced in October to assist various companies involved in the farming of mussels and Atlantic Salmon. We have also made much progress in the areas of cod and mussel aquaculture, both of which are high priorities for the department and have a significant level of potential for rural communities in the province.

"Government is committed to the aquaculture industry in this province," continued the minister. "This contribution to NAIA to update the provincial aquaculture strategic plan certainly demonstrates this commitment."

Media contact: Lori Lee Oates, ABC, Communications, (709) 729-3733, 690-8403

2006 01 06                                 11:55 a.m.