Fisheries and Aquaculture
May 14, 2008

The following statement was issued by the Honourable Tom Rideout, Minister of Fisheries and Aquaculture. It was also read in the House of Assembly:

I rise in the House today to inform Honourable colleagues and the people of Newfoundland and Labrador that the Fisheries Technology and New Opportunities Program is achieving great success throughout the province.

To date, more than $600,000 has been approved under the program to assist with the development and implementation of numerous innovative initiatives in all corners of Newfoundland and Labrador. About a dozen proponents are currently benefiting from this initiative. This includes companies, independent inshore harvesters and, organizations such as Memorial University and the Canadian Centre for Fisheries Innovation (CCFI).

Funding for projects relating to all sectors of the seafood industry, including harvesting, processing and marketing, has been approved. It is indeed clear that representatives of all of these sectors are taking advantage of the program for the benefit of the Newfoundland and Labrador fishing industry.

I am also pleased to note that this program is available to the very important and growing service sector of the industry. Our industry now boasts an extensive array of marine electronic firms, fabricators, boat builders, marine architects, gear manufacturers, packaging firms and transportation specialists. The entrepreneurial drive of those involved in these aspects of the industry has created a very significant fisheries manufacturing and service sector that is enjoying both domestic and international success.

The Fisheries Technology and New Opportunities Program is one of the many provincial initiatives identified in our three-year $15 million Fishing Industry Renewal (FIR) Strategy. Other aspects include enhanced marketing efforts, occupational health and safety initiatives, the implementation of fish auctions, an estimated $100 million loan guarantee program and approximately $25 million to fund the province�s share of the capital gains exemptions for fish harvesters. In total, the province�s undertaking for the complete strategy is $140 million.

The Provincial Government has allocated $6 million over three years to fund the program, which includes $2 million in Budget 2008.

The program is indicative of our commitment to ensure that fishing industry participants in Newfoundland and Labrador have access to capital to assist with the development of new and innovative technology for the purposes of diversifying and enhancing their operations.

I encourage all industry participants to continue to take advantage of the Fisheries Technology and New Opportunities Program and wish those who have participated to date all the best in their new endeavours.

2008 05 14                                                   2:40 p.m.