The Government of New Zealand, through the Ministry of Primary Industries (MPI), recently released a plan for developing aquaculture in the country.
The Aquaculture Development Plan is led by Fisheries New Zealand. It sets out actions to be taken by the government to enable the aquaculture industry to reach NZ$3 billion (US$1.7 billion) in annual revenue by 2035. These actions are organised into four pathways for growth.
The MPI said that maximising the value of existing space could contribute up to NZ$1.5 billion (US$900 million) in annual revenue by 2035, towards the NZ$3 billion goal, and that extending aquaculture into the open ocean could contribute up to NZ$1.4 billion (US$800 million) in annual revenue by 2035.
The Crown has a settlement obligation to provide Maori with assets representative of 20 per cent of all new aquaculture space in the territorial sea. The MPI said realising the potential of the aquaculture settlements will be fundamental to achieving the NZ$3 billion goal and will provide a platform for further growth.
Lastly, the MPI believes that identifying and implementing new opportunities could contribute up to NZ$200 million (US$110 million) in annual revenue by 2035 and set the industry up for further growth.