Government targets greater return on investment fishing quotas for coastal provinces

Federal departments are working on the allocation of further investment quotas for an extra boost to onshore facilities. Thus, the government took into account the position of the main fishermen’s organization (VARPE) on the use of this mechanism for the socio-economic development of coastal regions, reports Megafishnemt.com.

According to Russia’s Agency for Fisheries (FAF), by March 19, the government must submit agreed proposals for the provision of further investment fishing quotas for the development of catch processing capacities as well as cold storage and port infrastructure in the regions of the Far East and the Arctic zone of Russia as of 2022. Thus, the government is talking about catch quotas in both the Russian Far East and Murmansk-led North Fisheries. The changes are already being worked out, FAF said.

It is believed that the move will not only significantly reduce dependence on third countries, but will also help increase financial returns and improve the social climate in the regions, including the creation of new jobs.

According to some estimates, it may take from 3 to 5 years to create a full-fledged fish processing coastal infrastructure, which includes not only the production plants themselves, but also the necessary cold storage network.