Fisheries Working Groups Moving Forward With Financial Analysis of Industry

The Provincial Government is awarding a contract to Deloitte to conduct a financial assessment of the province�s fish harvesting sector and to Grant Thornton to conduct a financial assessment of the seafood processing sector. These contracts are being awarded as part of the Agreement on Fishing Industry Restructuring that was reached by the Fish, Food and Allied Workers (FFAW), Association of Seafood Producers (ASP) and Provincial Government in July. These companies have been hired through a Provincial Government request for proposals (RFP) process.

�Our government is continuing its commitment to the fishing industry by supporting the parties to the agreement in moving forward with the work that is needed for the restructuring of the industry,� said the Honourable Tom Hedderson, Minister of Fisheries and Aquaculture. �We are continuing to build on the work that was started with the Fishing Industry Renewal Strategy, while addressing the structural issues in the industry that have been exacerbated by the current global economic downturn.�

The parties to the agreement have been working together through a steering committee and working groups that were appointed to oversee the implementation of the agreement. The industry representatives on those committees have been actively engaged in setting up terms of reference for the process and developing the RFPs. The Provincial Government, steering committee and working groups have extensively reviewed multiple submissions before awarding these contracts.

The analysis being carried out by the steering committee will provide the information necessary to make the province�s fishing industry more viable for those who continue to participate in it.

�We look forward to having the information that is necessary to define the structural issues in the industry,� said Minister Hedderson. �This will enable both the province and industry to move forward in an informed manner. It is now important for the harvesting and processing sectors to provide the required information to the companies that are carrying out the financial analysis.�

The province will invest up to $800,000 in the process of carrying out the Agreement on Fishing Industry Restructuring.

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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

2009 11 18                              9:55 a.m.