HALIFAX - Atlantic Canada's aquaculture sector needs to boost its research and development if the region is to remain competitive in a global market, a think-tank said Wednesday.
In a report, the Atlantic Provinces Economic Council said the region's economy has benefited from rapid growth in the industry worldwide.
"Overall, (it's) an important industry for all four provinces," Patrick Brannon, a research analyst with the council, said in an interview.
"It's especially important to rural communities which are struggling to find employment for people."
But the Halifax-based council warned the high value of the Canadian dollar, fish disease, rising competition and environmental concerns will continue to put pressure on the industry, which in Atlantic Canada mostly involves farmed salmon.
The report said aquaculture firms must continue to improve their competitiveness by conducting research, investing in infrastructure and improving productivity while minimizing their environmental impact.
"The aquaculture does get a lot of push back from other sectors that some industries don't because they share the same waters with the fishing industry," said Brannon.
The council says aquaculture-related production in Atlantic Canada more than doubled in value to $356 million in 2010 from $160 million in 1996. The industry also accounted for about 4,700 direct and indirect jobs in 2007.
"There's lots of potential there for growth, especially for Newfoundland and Nova Scotia," he said.
New Brunswick's aquaculture industry has traditionally been the region's biggest, with production valued at $168 million in 2010.
Newfoundland and Labrador's industry was worth $116 million that same year, while Nova Scotia's generated $41 million and Prince Edward Island's aquaculture business earned about $30 million.
