Newfoundland Aquaculture Industry Association receives funding for cod aquaculture initiative

Tom Rideout, Minister of Fisheries and Aquaculture, today announced that funding valued at $33,450 has been approved as a contribution to the efforts of the Newfoundland Aquaculture Industry Association (NAIA) in developing a business plan for a commercial-scale cod aquaculture demonstration farm.

Minister Rideout said: "The Newfoundland Aquaculture Industry Association is identifying the requirements for a commercial-scale demonstration farm to attract investment and develop reliable financial and production figures. A business plan represents one of these requirements and, since aquaculture development is a priority for government, I am pleased that this funding can support the efforts of NAIA."

The business plan is an instrumental step in moving forward with the development of full-scale cod aquaculture in Newfoundland and Labrador. The report will identify a number of operational requirements for the construction of the demonstration farm and outline net economic benefits to the province.

"While full-scale cod aquaculture is still in the development stage, it is certainly proceeding with positive results," said Minister Rideout. "Success in hatching, early rearing and cage growout have been proven. The challenge now is to convert our knowledge into a commercial industry and this initiative of NAIA is a significant step in this direction.

"Cod is developing as a major farm species in the North Atlantic," continued the minister. "It is a high priority in Newfoundland and Labrador and has a significant level of potential for rural communities in this province. We have the technology, expertise and the right biophysical conditions to take advantage of this opportunity, and government will certainly do everything possible to assist in furthering its development."

Minister Rideout reiterated government�s commitment to the aquaculture sector in this province.

"Aquaculture is one of the best kept secrets in Newfoundland and Labrador," said the minister. "This province has the potential to become one of the largest producers of aquaculture products in Canada. We have some of the only remaining sites suitable for development in eastern Canada and we are effectively attracting the interest of outside investors. However, we have only 10 per cent of available space utilized. This presents massive opportunities for this province and our government will, where fiscally possible, ensure that full advantage of these opportunities is taken.

"Our contribution to NAIA," continued the minister, "certainly demonstrates this commitment."

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

2006 01 30                                            2:25 p.m.