February 25, 2008

New Zealand's rejection of fish farming could lead to a loss of US$59.6 million
 

New Zealand's recent decision to turn down the development of 2000-hectares of area for aquaculture could result in a loss of potential earnings amounting to US$59.6 million.

Last week, the Ministry of Fisheries approved 108-hectares for in Golden and Tasman Bays but rejected the rest (2000-hectares), citing that it would affect commercial fisheries and the marine environment.

However, SMW Consortium spokesman Paul Williams said the region would miss out on potential earnings of US$59.6 million and 700 jobs, if the Ministry of Fisheries is to confirm their decision.