Today the Provincial Government provided an update on the progress of the Fisheries Technology and New Opportunities Program. This program was announced in the fall of 2007 as part of the provincial component of the Fishing Industry Renewal Strategy, and received $6 million in provincial funding over three years.

To date there have been approximately 100 applications received under the program, more than half of which have been approved for funding. Approximately $2.1 million in total project costs have been funded by the department, with total projects costs of $6.9 million. This includes funding that was sourced from other Provincial and Federal Government programs, external agencies and the private sector.

"I would like to take this opportunity to commend harvesters, processors and seafood marketers who have availed of this program for their innovative risk taking and entrepreneurial spirit," said the Honourable Tom Hedderson, Minister of Fisheries and Aquaculture. "They are truly demonstrating their commitment to a vibrant, self-sustaining industry by directing their creativity and capital to fisheries diversification and growth."

Of the projects approved, approximately 50 per cent have been in the processing sector while 37 per cent have been in the harvesting sector. Another 12 per cent have been related to marketing. Under the program the department has supported programs such as product development, improved quality initiatives, safety initiatives, energy efficiency, and, seafood market research and development.

The primary objective of the program has been to provide support for harvesting, processing and marketing initiatives with a goal of diversifying the industry and increasing overall viability of the province�s fishery into the future. The focus of the program is research and development work in the harvesting and processing sectors, with special emphasis on efficient utilization of traditional species, better use of under-utilized species and enhanced value-realization of all fisheries resources. Emphasis is also placed on recovery of raw material waste and reduced discarding of by-products, as well as research on ways to reduce operating expenses. Resource surveys, new technology, innovation, market research and promotion are also supported under the program.

"My department will continue to partner with other agencies such as the Marine Institute, the Canadian Centre for Fisheries Innovation and the private sector to further build upon the value of our province�s seafood industry," said Minister Hedderson. "We will also continue to partner with the Government of Canada on the Fishing Industry Renewal Strategy. Our government looks forward to further success with research, development and innovation in our province�s fishing industry."

The Fishing Industry Renewal Strategy sets out a new path toward a renewed, self-sustaining fishery for Newfoundland and Labrador. The Provincial Government committed a multi-year investment of $15 million in direct funding, and a total undertaking to an estimated $140 million, to facilitate transition in the province�s fishing industry.

- 30 -

Media contact:
Lori Lee Oates
Director of Communications
Department of Fisheries and Aquaculture
709-729-3733, 690-8403
oatesll@gov.nl.ca