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Canadian Aquaculture to Receive $2.5 million Boost

CANADA - The Department of Fisheries and Aquaculture announced yesterday that it will be investing $2.5 million in the aquaculture sector over the next three years.

In partnership with the Department of Economic Development, the Department of Fisheries and Aquaculture will invest $2.5 million in the aquaculture sector over the next three years. The funds will be provided through the Community Development Trust Fund, which was established to help communities and workers hard hit by economic challenges.

"Aquaculture has tremendous growth potential in Nova Scotia," said Fisheries and Aquaculture Minister Ron Chisholm. "The province is well positioned to seize this opportunity because of its natural marine assets, educated workforce, and generations of fisheries experience."

The department will use the funding to identify sites and areas of the coast with potential for aquaculture development. It will also help expand the industry through innovative projects and create an opportunity to access federal funding through cost-shared aquaculture development.

"This investment will create opportunities and jobs in rural coastal communities throughout the province by improving Nova Scotia's ability to compete in this expanding industry," said Economic Development Minister Angus MacIsaac. "With $53 million in farm gate sales last year, aquaculture has become a significant and sustainable resource based industry for Nova Scotia."

Aquaculture produces nearly half the world's seafood consumed by people. Global demand for fish will reach 150 million tonnes by 2030 and Nova Scotia's aquaculture industry will play a growing role in meeting that demand, with a potential to double sales in the next few years.

the Fish Site Editor

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