The recent reports by BIM, the CFP strategy review group and the IFA underline the potential for significant expansion of the aquaculture sector up to 2006 and beyond. They recommend investment support programmes to support ambitious but achievable targets for aquaculture output and value over the period.
The reports accord with my analysis of the scope for significant expansion of the sector which is in line with global trends. The value of aquaculture to the economy has quadrupled in the past decade to £60 million and is largely export driven. Irish aquaculture now contributes more than 25 per cent of raw material supply to our seafood processing sector and is also recognised in key overseas markets as delivering premium quality product. My objective is to position the sector to maximise the opportunities for sus tainable growth, value added and jobs with the necessary investment support. I am working to deliver that investment support in the context of current discussions on national investment priorities 2000-2006.
My strategic objective is to deliver sustainable development of the aquaculture industry, underpinned by the new licensing framework, which will create viable jobs and economic activity in coastal communities, and which will capitalise on the very significant export market opportunities for quality value added seafood products. The main challenge for the sector in the medium term is to reach a critical mass in output, volume and value. This will ensure the necessary economies of scale and continuity of supply are achieved for processing and exports. The development of new species and the application of leading edge technology are key objectives also for the sector. Investment support under the present operational programme has been critical to the achievements to date. Further investment support will underpin future expansion and diversification of this valuable indigenous sector.