The Government of Newfoundland and Labrador, Canada, has released a report, commissioned by the international consulting company McKinsey and Company, which encourages the development of commercial aquaculture as a high-priority industry for economic growth.
The report was commissioned in the fall of last year to “identify further opportunities for the province’s economic growth, bringing an independent and global perspective to challenge the current thinking and surface new opportunities.”
The report suggests that by 2030, aquaculture could produce more than five times current volumes, which would account for more than 100,000 metric tons every year. If aquaculture does increase five-fold over the next 11 years, it could result in up to CAD 600 million (USD 450.4 million, EUR 398.4 million) in additional revenue and more than 7,000 new jobs in the province.
Newfoundland Aquaculture Industry Association Executive Director Mark Lane said its initial takeaway from the report was positive, and that his associate will be conducting a deeper dive into the details of the 150-plus page report in the coming days.
“We are further encouraged that the report suggests that our province can and should leverage its favorable ocean conditions to license additional sites, opening new areas to prospective seafood farmers,” Lane said. “More importantly, the report suggests that governments must ensure that new sites are approved in an efficient, effective, and timely manner to encourage further aquaculture development and investment.”
Lane lauded the fact that many of the new jobs created would be outside of urban areas.
“The McKinsey report predicts that more than half of the new jobs in all high priority sectors are expected to be created outside the St. John’s area. The majority of these new jobs will be in the aquaculture sector. Our industry is enabling hard-working Newfoundlanders and Labradorians to do what they love to do in a place that they love to live,” he said.
