The 3 pillars for the growth of Aquaculture

The need for sustainable investment plans for the further development of the aquaculture sector was stressed by the Minister of Finance Christos Staikouras during his speech at the 2022 Aquaculture Conference.

He referred to the three pillars for the growth of fish farming – aquaculture, noting that “we seek to strengthen and encourage entrepreneurship, which can contribute significantly to accelerating the development of the country. In this context, aquaculture – as a highly extroverted sector – can play an important role, while the growth potential of the industry itself is significant.”

He stressed, however, that in order for the further development of the aquaculture sector to take place, sustainable investment projects are needed, which will be able to access the financing. Funding, which can be secured through:

Recovery Fund

Within the framework of the National Plan for Recovery and Sustainability, the implementation of an action of the Ministry of Rural Development and Food for investments in the field of aquaculture is expected to begin in the coming months.

Banks

The Minister said that: “As a Government, we have actively supported the country’s credit institutions, through the reduction of “red” loans (NPL), the increase of deposits and the reduction of their borrowing costs”, adding that “They should proceed to even more brave credit expansion.”

NSRF

As Mr. Staikouras noted, about 455 million euros can be allocated through the new European Maritime, Fisheries and Aquaculture Fund (EMFAF), which strongly supports young fishermen and promotes sustainable aquaculture. “The situation is extremely difficult and the challenges are great. The Government remains close to households and businesses, providing them with significant support and appropriate tools to successfully overcome this ordeal. For their part, companies are called upon to shield themselves from the effects of multiple crises and temporary shocks on the global supply chain, but also to modernize themselves in order to remain competitive. “I am convinced that with hard work, unity and confidence in our strength we will succeed.”

The Minister of Finance also stressed that “aquaculture contributes to food adequacy and the reduction of dependence on imports, a critical and topical issue – a consequence of the war in Ukraine. At the same time, it creates jobs and income in remote island areas, while it has a low ecological footprint, contributing to the green transition.”