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Strategically Growing Aquaculture

NEWS RELEASE

FOR IMMEDIATE RELEASE

Aquaculture is a promising industry with growing demand from markets around the world. With our fishing industry expertise, Newfoundland and Labrador is well positioned to establish itself internationally and capitalize on the growing global aquaculture market.  

“Our government will strategically invest in the province’s aquaculture industry so that it will have the competitive advantages it needs to succeed internationally,” said Premier Andrew Furey. 

By growing an inclusive aquaculture industry, our government will create and capture as much value as possible, and return this value to communities and hardworking families across the province. 

A Furey government will:

  • Support the development of a multi-species aquaculture strategy, allowing Newfoundland and Labrador to grow a robust industry, provide strong jobs and consistently meet evolving market demands;
  • Make sure that the growth of the aquaculture industry is inclusive and creates economic and business opportunities for all genders and Indigenous entrepreneurs;
  • Position the aquaculture industry as a platform for entrepreneurial and technology sector growth, supporting the Furey government’s broader approach to economic development.

“There is value in secondary processing as well, and our government is committed to capturing those opportunities in processing and manufacturing right here at home,” said Premier Furey. 

The Furey government will support investment to grow the value and volume of our exports by exploring these processing opportunities. This will help grow our local businesses, strengthen existing jobs, and create new opportunities in the processing industry.  Our Government will work with industry to identify opportunities for secondary or further processing of our existing exports, as well as supporting the research and development of new processing activity for materials we currently consider to be waste or low-value byproducts.  

We will support efforts like those of Labrador Gem Seafoods, which has diversified its product mix and now does value-added processing of world-class seafood products in Ramea, or Quin-Sea Fisheries, which has invested in a live lobster holding facility in New Harbour, and now flies live lobster from this province around the world. 

“These examples of expanded processing activities have created good jobs and secured millions of dollars in investment in rural Newfoundland and Labrador,” Premier Furey said.

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