Archived – Investment in Aquaculture

July 2005

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The federal government announced a one-time federal investment of up to $20-million in the New Brunswick salmon aquaculture industry on July 12. The funds are to assist the industry in the short term, while long-term strategic solutions are considered.

The investment will assist salmon farm operators in New Brunswick, the only segment of the aquaculture industry to experience significant uncompensated losses due to eradication orders aimed at disease control. The funds will help salmon growers to refinance and secure working capital that will permit them to place juvenile salmon in pens this season.

Although a relatively new industry, the salmon aquaculture industry has grown in to be a key agri-food industry for both New Brunswick and the region. In New Brunswick, the salmon aquaculture generated a farm gate value of $179 million and 1,600 direct jobs in 2003 to the benefit of many of our coastal communities.

The announcement comes in response to a recommendation made by the Task Force on Fostering a Sustainable Salmon Farming Industry in Atlantic Canada to provide immediate financial assistance to Atlantic Canada's aquaculture industry. The Task Force was established in December 2004 jointly by the federal government, the provinces of New Brunswick, Newfoundland and Labrador, Nova Scotia and the New Brunswick Salmon Growers Association. The report is available by accessing the link provided below.

News Release

• Federal Government Delivers on Aquaculture Investment
  July 12, 2005 - Saint George, New Brunswick

Report

• Report of the Task Force on Fostering a Sustainable Salmon Farming Industry for Atlantic Canada
  July 2005