Report Shows Promising Future for B.C.'s Aquaculture Industry

[CAWED]

REPORT SHOWS PROMISING FUTURE FOR B.C.’S AQUACULTURE INDUSTRY

_VANCOUVER, B.C.-- The aquaculture industry has the potential to
contribute over $1 billion annually to British Columbia’s economy
and create over 20,000 jobs. These are two of the main findings of an
aquaculture study released today by the Honourable Ron J. Duhamel,
Secretary of State for Western Economic Diversification._

The report, "_Economic Potential of the British Columbia Aquaculture
Industry_", is the first comprehensive study to examine the economic
future of _B.C’s_ aquaculture industry. It deals with both
finfish (mainly salmon) and shellfish farming. The report indicates
that aquaculture has the potential to become one of _B.C.’s_ most
significant industries if additional aquatic lands are allocated to
tenures.

"For communities along the coast being hit hard by the restructuring
of the fishing and forest industries, this report is good news. It
shows that aquaculture has excellent potential to be a driving force
for _B.C.’s_ economy, creating many jobs for coastal
communities," said _Mr. Duhamel_. "_Western Economic Diversification_
looks forward to working with the industry and coastal communities to
further the development of aquaculture."

The report also indicates that _B.C_. has a significant inventory of
capable aquatic lands and that salmon, in particular, could be farmed
in many areas of the _B.C._ coast. The $1 billion potential from
salmon farming could be achieved with an aquatic land base of just
four square kilometres.

The shellfish industry has the potential to generate $100 million
annually. In order to realize this potential, a doubling of aquatic
lands allocated to shellfish growing would be required. There is
enough capable land on the west coast of _Vancouver Island_ alone to
meet this demand.

In addition, new shellfish species such as scallops, abalone, sea
urchins and sea cucumbers, and new finfish species such as black cod
and halibut, hold further promise for economic expansion.

"The potential exists for the aquaculture industry to restore
_Canada’s_ position as a leading seafood trading nation. In the
short to medium term this potential is mostly from salmon farming,"
said report author _David Egan_ of _Coopers and Lybrand_. "The _U.S_.
is the world’s fastest growing salmon market and _B.C.’s_
salmon farming industry is well positioned to supply it. Each salmon
farm on average generates over $2 million in exports."

"Clearly, the federal government shares the optimism of _British
Columbia’s_ salmon farmers," said _Kim Pullen_, _President of the
British Columbia Salmon Farmers Association_. "Not only can we compete
with anyone in the world, but we can also create thousands of good
jobs as we open up new international markets for _B.C._ farmed
salmon."

"Whether it’s salmon or shellfish, customers around the world
like the taste of our _British Columbia_ products," added _Sam Bowman,
President of Pearl Seaproducts_ and a _director of the B.C. Shellfish
Growers Association_. "This report will go a long way to encouraging
the responsible development of _British Columbia’s_ aquaculture
potential and our ability to produce terrific products and year-round
jobs."

_Western Economic Diversification_ is working in partnership with the
industry and other federal government departments on several
aquaculture initiatives, including an _Aquaculture Regulatory Review_
and a pilot project on water quality and marine biotoxin monitoring.