Elvis Loveless, Minister of Fisheries, Forestry, and Agriculture, announced at the Cold Harvest 2023 event that there would be financial support for research and development in the aquaculture industry in Newfoundland and Labrador, Canada.

“Our government has been working hard to grow Newfoundland and Labrador’s sustainable aquaculture sector,” said Loveless. “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.”

Loveless shared this exciting news during his address at the Newfoundland Aquaculture Industry Association’s annual conference in St. John’s. The Provincial Government is launching the “Multi-Species Research and Development Fund to diversify and expand Newfoundland and Labrador’s aquaculture industry” to diversify and expand the aquaculture industry in NL. As the name suggests, this fund’s mission is to support investments in researching and developing new aquaculture species in the region.

“The successful development of farmed alternative species represents an incredible opportunity to support continued growth of Newfoundland and Labrador’s sustainable aquaculture sector,” said Jamie Baker, Executive Director, Newfoundland Aquaculture Industry Association. “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.”

A budget of USD 500,000 for new species

Through the 2023 Budget, the Provincial Government has allocated USD 500,000 (EUR 467,220) annually for three years to support the transfer of knowledge and technology, encouraging the introduction and establishment of various species in the provincial aquaculture sector. Companies, organizations, or individuals can find more information on the website. Furthermore, data on oceanography will also be collected during this period.

To this end, applicants who have access to the program will have access to non-reimbursable funds. With this, the government wants to help in research as well as in the development of specific aquaculture projects.