Agriculture and Fishing Minister, Jaime Silva has announced last week that the country is in the negotiations with the Spanish fish producer, 'Pescanova' about a 140 million euro investment project for some 15 open-sea projects along the Algarve coast, according to The Euro Weekly News.
The planned capacity of the project is to reach 12,000 tonnes of fish and seafood a year. A fish farm capable of growing 4,100 tonnes of seafood is also to be established off the northern coast of the country, while a turbot farm is to be set up on the Lima River, to produce 50 tonnes a year.
Altogether, 18 projects, representing some €17 million in investment, are in the pipeline Euro Weekly said.
However, government has yet to resolve the issue of planning regulation for offshore fish farming.
Fish farming currently represents around three per cent of all fish caught.
Aquaculture Project for the Algarve
PORTUGAL - An area of 14 kilometres around the isle of Armona in the Algarve is to be dedicated to fish farming as part of as government bid to quadruple Portugal's aquaculture output in the next five years.