August 29, 2007

New investments spawn fresh hopes for Canada's aquaculture

Two upcoming aquaculture infrastructure projects on the south coast of the Newfoundland province could help boost growth of the industry in Canada, experts said.

Fisheries and Aquaculture Minister Tom Rideout said the investments would enable the aquaculture industry to become more competitive in attracting international investments and help it to realise its full potential.

Funding for the two projects was provided by the state: US$1.2 million toward the estimated US$4.3-million aquatic veterinary diagnostic facility and US$1.9 million for a wastewater treatment plant.

The two projects swelled government investment in the aquaculture industry to more than US$14 million.

Previous investments are paying off. The salmon industry on the south coast is seeing substantial investment from companies both within and outside the province, said Rideout.

Construction of the aquatic veterinary diagnostic facility would begin in the spring of 2008 and completed the same year.

The facility would also serve as the regional office for the provincial government's aquaculture department.

Revenues from Canada's aquaculture industry rose 60 percent from US$33.5 million in 2005 to US$53.5 million in 2006.