June 22, 2006

EU offers US$4.8 billion package to revitalise fisheries industry

EU's fishery ministers have approved the European Fisheries Fund (EFF), a new funding scheme of EUR3.8 billion (US$4.8 billion) for its fishing industry set to begin Jan 1, 2007 and run for the next seven years.

The scheme would benefit primary producers, fisheries, aquaculture businesses, processors and marketers in the EU with an aim to revitalise the industry.

As the catch in EU countries are increasingly limited by fishing quotas due to declining stocks, the industry is under pressure from unpredictable catches and lower incomes.

The funding aims to make EU's fisheries more competitive and at the same time fund initiatives to protect the environment.

The fund would also be used to train the skilled labour force the industry requires, the European Commission said in a statement yesterday.