Western Australian authorities announced the launch of a AUD 1.66 million (USD 1.26 million) project to develop an ‘investment ready’ aquaculture zone in coastal waters on the south coast.

The announcement was made by Regional Development Minister Terry Redman, who pointed out the south coast aquaculture development zone would support large-scale development of the aquaculture industry, attract investment and increase jobs.

The minister clarified that this project was made possible by AUD 1.3 million of Royalties for Regions funding.

“Aquaculture is the fastest growing primary industry in Australia, however growth rates in WA are constrained because of the cost and time involved in bringing individual aquaculture projects to developmental approval stage,” Redman said.

“Investing in developing strategic assessments at a zone level removes the uncertainty felt by potential developers and investors and reduces start-up time and financial outlay,” he added.

For his part, Fisheries Minister Joe Francis said a south coast aquaculture development zone would provide job opportunities, increasing the south coast region’s current and future marketability.

“Aquaculture development zones slash approval time from several years to several months, cutting costs and red tape and providing investment-ready areas for large-scale projects,” Francis highlighted.

Source: FIS // Original article