March 3, 2008

Canada to invest CA$24 million in Newfoundland's aquaculture industry

The Canadian government will join hands with Cooke Aquaculture to develop the aquaculture industry off the south coast of Newfoundland with CA$24 million.

The money will be used to develop technology that would introduce young salmon to sea cages sites.

The goal is to produce more healthy salmon stocks, according to Peter MacKay, minister for the Atlantic Canada Opportunities Agency.

The project will take three years to complete, during which Cooke Aquaculture will invest CA$14.6 million while Ottawa will invest CA$9.4 million.

Canada has also recently planned to fund CA$70 million over a period of five years for the development of sustainable production of the aquaculture industry,

CA$1 = US$1.01 (March 3, 2008)