The Canada government announced Tue (May 18) the awarding of two contributions totalling CAD4 million (US$3.9 million) to SODIM, a non-profit organisation sets to create an investment fund for Quebec marine aquaculture companies and to finance the development of innovative packaging for live shellfish.

Founded in 1998, SODIM is dedicated to promoting the startup and development of profitable and competitive marine aquaculture enterprises and to fostering the growth of this economic sector in the Gaspésie, Îles-de-la-Madeleine, Bas-Saint-Laurent and Côte-Nord regions.

The Aqua-Mer fund will provide considerable leverage by generating overall CAD11 million (US$10.5 million) in overall investments among the targeted firms. According to SODIM, this initiative should result in the creation of some 20 new enterprises by the year 2017 while strengthening and fostering the growth of existing companies in the sector.

A second non-repayable contribution of CAD$65,548 (US$62,701), granted through the Business and Regional Growth programme, will serve for the conducting of research and development on new innovative packaging for the commercialisation of live shellfish.

"Aquaculture will help diversify and sustain Quebec coastal communities affected by the reduction in fishing activities. This research and development project will make it possible to increase product life and thereby open up new markets, which is an extremely promising prospect," said Denis Lebel, Minister of State for Canada Economic Development.

Aquaculture is an important sector in terms of both economic activity and employment, assuring jobs to about 6,000 Canadians. In Quebec, there are some 20 companies, together employing 130 people, operating in the sector.