My overall policy objective is to encourage and support the sustainable development of the aquaculture industry. The aquaculture sector is playing a valuable role in the provision of jobs and economic activity in coastal areas. There are more than 3,000 people employed in the sector and aquaculture production is worth £60 million per year. The industry accounts for 30 per cent of the volume of fish production and is an increasingly important supplier of raw material to the processing sector.
Under the Operational Programme for Fisheries £11 million is supporting investment in the aquaculture sector. Almost £10 million has already been committed to more than 80 finfish and shellfish farms and BIM and the industry is confident that all the available funding will be taken up by the industry in this programme.
As previously advised to the House, I have appointed consultants to carry out a strategic analysis of future directions and opportunities for the aquaculture industry. This economic analysis will be completed shortly and will provide additional back-up for the case for investment support for the sector post 2000. As we approach the next round of Structural Funds, I will push strongly for significant EU and national funding to underpin the continued expansion of aquaculture. Sustainable growth in this indigenous natural resource based sector will pay economic dividends in terms of job creation, productivity and exports.