Report identifies aquaculture as economic driver
April 17, 2019
By Liza Mayer
Aquaculture is a high-priority industry for economic growth in the Canadian province of Newfoundland and Labrador, according to a report commissioned by the provincial government.
The McKinsey Report on Economic Growth predicts that by 2030, the aquaculture sector could be producing more than five times current volumes, exceeding 100,000 metric tons annually. Fully realized, increased production of sustainably farmed seafood, coupled with a substantially more robust and integrated supply and services network through the value-chain, could contribute up to $600 million in GDP and generate more than 7,000 additional jobs by 2030.
The provincial government engaged McKinsey & Company 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.”
Mark Lane, executive director of the Newfoundland Aquaculture Industry Association, says the report is very encouraging. “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. 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,” he said.