Canada's Aquaculture Sector Warns Regulatory Uncertainty Threatens Billions in Investment

The Canadian Federation of Agriculture is warning that regulatory uncertainty is driving hundreds of millions of dollars in investment away from Canada and towards other countries. Scott Ross, executive director of the CFA, told a major seafood conference in Newfoundland that aquaculture should be treated as part of Canada's broader food economy.

Aquaculture could strengthen food security, improve affordability, and create new export opportunities, but growth depends on a system that is timely, consistent, and supportive of innovation. Ross urged governments and industry to identify policies that are working at cross-purposes and create a more predictable environment for private investment.

Cooke, one of Canada's largest seafood companies, wants to invest $750 million in Canada over the next three to five years but faces pressure to spend it elsewhere. Joel Richardson, vice-president of public relations, said the company is looking at expanding its Atlantic Canadian sites and acquiring Mowi Canada East's salmon farming assets.

Cooke has recently completed its acquisition of Avramar, a Greek seabass and seabream producer, for several hundred million dollars. Richardson noted that the reception in Greece was vastly different from what Cooke faces at home in terms of investment regulations.