The following statement was given today in the House of Assembly by the Honourable Darin King, Minister of Fisheries and Aquaculture:

Budget 2012: People and Prosperity Provides Strong Support for Fishing and Aquaculture Industries

Mr. Speaker, a primary mandate of the Department of Fisheries and Aquaculture is to support and promote the development of sustainable and viable fishing and aquaculture industries, which produce high quality and high value products. This is achieved by providing programs and services in fisheries and aquaculture development, quality assurance, processing and aquaculture capacity management, and information services.

Despite the groundfish moratoria, Newfoundland and Labrador has many fish species available to aid in the development and diversification of the fishing industry. The worldwide decline in fish stocks, combined with the increasing demand for fish protein, suggest that the market outlook for seafood products will continue to be very strong.

Through Budget 2012: People and Prosperity, we continue to invest in a suite of programs intended to revitalize and enhance the fishing industry. The annual budget for the Department of Fisheries and Aquaculture has expanded by approximately 400 per cent since Budget 2005-06, to support valuable programs and services and new initiatives. In particular, Mr. Speaker, the budget includes new and ongoing investments totalling over $30 million, with an overall budget for the department totalling $50 million.

The funding, Mr. Speaker, will support our work in many areas, such as: infrastructure, fisheries research and most importantly, innovation. Some examples include: $6.5 million for the Aquaculture Capital Equity Investment Program; $6.2 million for the construction of aquaculture wharves in the Coast of Bays region; $300,000 for the Coastal and Oceans Management Program; $3.8 million for the Centre for Fisheries Ecosystems Research and the Fisheries and Marine Institute; $2.2 million for the Fisheries Technology and New Opportunities Program; $1 million to extend support for the Canadian Centre for Fisheries Innovation; and, $300,000 to the Fisheries Innovation and Development and Sustainable Fisheries Resources and Oceans Policy.

Our suite of programs supported through Budget 2012 are intended to aid the provincial fishing industry in becoming more innovative and competitive, while building a safer and more stable foundation. Our work will help ensure the Newfoundland and Labrador seafood industry continues to be a major economic contributor to the provincial economy. And, Mr. Speaker, our government’s commitment to ensure maximum possible benefit from this resource will continue.

Mr. Speaker, the Province of Newfoundland and Labrador represented approximately one-third of the landed value of the Atlantic fishery in recent years; however, as a province, we spend more on the fishery than all other Atlantic provinces combined.

The funding provided through Budget 2012 demonstrates our government’s commitment, and our resolve, to foster the fishery of the future. We are committed to working with all fishing and aquaculture industry participants to ensure our collaborative and collective success.

Thank you, Mr. Speaker.

2012 05 01             1:45 p.m.