The Provincial Government is launching a new Multi-Species Research and Development Fund to diversify and expand Newfoundland and Labrador’s aquaculture industry. The fund will support investment in the research and development of aquaculture species that are not currently commercialized in the province.
Today, the Honourable Elvis Loveless, Minister of Fisheries, Forestry and Agriculture launched the fund at Cold Harvest 2023, the Newfoundland Aquaculture Industry Association’s annual conference in St. John’s.
Successful program applicants will access non-repayable funding to assist in research and development for specific aquaculture projects, and to incentivize the farming of cultured plants and new species.
The program will support the transfer of knowledge and technology to encourage the introduction and establishment of diverse species in the provincial aquaculture sector. Businesses, organizations or individuals can find more information on the Multi-Species Research and Development Fund at the Fisheries, Forestry and Agriculture website.
Through Budget 2023, the Provincial Government has allocated $500,000 annually for three years for multi-species aquaculture development and the collection of oceanographic data.
Quotes
“Our government has been working hard to grow Newfoundland and Labrador’s sustainable aquaculture sector. This new program to research and develop production of new species has the potential to support new jobs and economic stability, particularly in rural areas where it is most needed.”
Honourable Elvis Loveless
Minister of Fisheries, Forestry and Agriculture
“The successful development of farmed alternative species represents an incredible opportunity to support continued growth of Newfoundland and Labrador’s sustainable aquaculture sector. With several alternative species projects currently in early development stages, and others coming on stream, we anticipate this timely and targeted investment by the province will be a catalyst for positive advancement for producers in our sector and the people of the province in the years ahead.”
Jamie Baker
Executive Director, Newfoundland Aquaculture Industry Association
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Learn more
Multi-Species Research and Development Fund
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