August 8, 2024

Israel to invest US$2.5 million in aquaculture industry

Israel's Ministry of Agriculture and Food Security will invest ₪9.6 million (US$2.5 million) in the aquaculture industry this year.

This follows an inter-ministerial agreement signed in 2022 between the Ministry of Agriculture and the Ministry of Finance.

Support for the aquaculture industry will be provided to breeders of edible quality fish, such as bream, barramundi, bass, bream, musser, and trout, in light of the lowering of import duties on these fish as part of the fight against inflation.

"In order to continue to meet the demand for food from the sea, the ministry considers it appropriate to support and invest in the industry… the support will be given proportionally to the marketed tonne, according to ₪5,500 (US$1,436) per tonne," the Ministry of Agriculture explained.

The investment budgets will be provided by the ministry at a grant rate of up to 50%.

Director General of the Ministry of Agriculture and Food Security Oren Lavi said: "The management of the ministry sees great importance in promoting protein solutions for the population, including the development of food from water. These days, we are working to remove many barriers to the activity of this branch of all types, while building a strategic plan, as part of the formulation of Israel's food security plan."

- The Jerusalem Post