As part of the Provincial Government�s Fishing Industry Renewal Strategy, a Fisheries Technology and New Opportunities program has been developed to provide support for harvesting, processing and marketing initiatives. This program will help to diversify and increase the overall viability of the province�s seafood industry. The Provincial Government has allocated $6 million over a three-year period for this initiative..

"The focus of the Fisheries Technology and New Opportunities program is research and development work in the harvesting and processing sectors. The program will put special emphasis on more efficient utilization of traditional species, better use of under-utilized species and enhanced value of fisheries resources," said the Honourable Tom Rideout, Minister of Fisheries and Aquaculture. "This program will help the fishing industry to become more innovative and competitive, while helping to build a safer and more stable foundation for the industry. Market research, development and promotion will also be undertaken in support of these various initiatives."

The maximum contribution for individual projects will ordinarily be up to $100,000. Projects initiated by non-profit institutions, associations or community groups, may be funded up to 100 per cent of cost, including labour, materials and supplies. The level of contribution for industry-led projects will vary by project depending on factors such as the level of risk to the company or individual, the potential for broad industry application and the nature of the contribution. The Provincial Government�s contribution for industry-led projects will normally be up to 60 per cent of eligible expenses. However, all proposals will be considered.

The objective of this program is to achieve the best possible returns to the industry. This will be accomplished through the development or transfer of new and innovative technology for the fishing industry, as well as research and development work in relation to new species, products, markets and techniques to harvest, process and market the province�s marine fish resources.

"This investment demonstrates the Provincial Government�s clear commitment to the provincial fishery and to rural Newfoundland and Labrador," said Minister Rideout. "This program is just one aspect of our government�s Fishing Industry Renewal Strategy. Budget 2007 includes $5 million in total for enhanced marketing, research and development initiatives, occupational health and safety initiatives and the implementation of fish auctions. Other initiatives of the total $140 million Fishing Industry Renewal commitments by the province include an estimated $100 million loan guarantee program and approximately $25 million to fund the province�s share of the capital gains exemptions that were announced for harvesters earlier this year."

The Fishing Industry Renewal process began in May 2006 when the Honourable Premier Danny Williams led consultations with fisheries stakeholders. It developed to become an extensive federal-provincial consultation process. Minister Rideout said, "Fisheries Technology and New Opportunities is one of many programs that will be introduced as part of the Fishing Industry Renewal Strategy that was announced in April of this year. As part of this strategy, a comprehensive suite of programs has been designed to bring fundamental change in the province�s fishery."

Information on the Fishing Technology and New Opportunities program can be obtained immediately at the headquarters of the Department of Fisheries and Aquaculture or in the regional offices throughout the province. It will also be available on the department Web site. //www.fishaq.gov.nl.ca

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Media contact:

Lori Lee Oates

Director of Communications

Department of Fisheries and Aquaculture

709-729-3733, 690-8403

oatesll@gov.nl.ca

2007 10 25 2:40 p.m.