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The impact of aquaculture on the Faroese economy

The impact of aquaculture on the Faroese economy. 29th of April 2014 Hilton Reykjavik Nordica. Farmed fish will feed the world. Aquaculture has grown at an impressive rate over the past decades. It has helped to produce more food fish, kept the overall price of fish

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The impact of aquaculture on the Faroese economy

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  1. The impact of aquaculture on the Faroese economy 29th of April 2014 Hilton Reykjavik Nordica

  2. Farmed fish will feed the world Aquaculture has grown at an impressive rate over the past decades. It has helped to produce more food fish, kept the overall price of fish down, and made fish and seafood more accessible to consumers around the world. That’s why greater investment is needed in the industry — for new and safer technologies, their adaptation to local conditions, and their adoption in appropriate settings. Juergen Voegele, Director Agriculture and Environmental Services Department World Bank

  3. Presentation • History • Management of biological risk • Natural conditions • Financial results • Jobs and wages

  4. History • Started in the sixties and seventies • Growth in the eighties and nineties • ISA crisis in 2003 • Consolidation and fewer companies • Growth in the last years

  5. Production 1986-2013 (1.000 tonnes live weight)

  6. Management of biolocical risk • Distance between sites • Fallowing • Stocking densities • Transport of live fish, products and risk material • Vaccination • Monitoring

  7. Natural conditions

  8. Sea temperature 2007 2008 2009 2010 2011 2012

  9. Low mortality rates

  10. Low production cost

  11. Financial results

  12. Cost and price

  13. Financial results (mio. DKK)

  14. Salmon and total export of goods (value)

  15. Export around the world (value)

  16. Production in 2013 (tonnes)

  17. Job creation & destruction

  18. Job creation & destruction

  19. Wages in aquaculture

  20. Unemployment (%)

  21. Other industries thrive • Aquaculture equipment • Well boats • Other services for the industry • Research and innovation

  22. Extra taxation • Extra license tax of 4,5% • Extra species rent of 0,5% of the turnover

  23. Thank you!

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