February 29, 2008

Canada funds US$41.7 million for development of aquaculture industry
 

The Canadian government is to fund CA$70 million (US$71.4 million) over a period of five years for the development of sustainable production of the aquaculture industry, which is delighted to receive the news.
 

This financial commitment is expected to strengthen regulatory assurances through better coordination between the federal and province-territorial regulatory authorities, according to the British Columbia Salmon Farmers' Association (BCSFA).

The funding will also improve federal regulatory science by setting up performance-based environmental standards for aquaculture operations, and will enhance the sector's competitiveness and productivity, said BCSFA.

The Canadian Aquaculture Industry Alliance (CAIA) said fish demand is rising on a global scale due to increasing awareness of the health benefits of fish, which is an excellent economic opportunity for Canada.

"While the world demand for seafood products continues to rise, the sustainable harvest of wild stocks has reached its limit and been exceeded in many areas of the world. Aquaculture is the solution," said Ruth Salmon, executive director of CAIA.