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30 May 2012

Subsidies to promote fishing industry development in Khabarovsk region

Subsidies in Russian fishing industry bring benefits

Russia aims to promote domestic fish processing industry catching up to meet growing demand for seafood. Latest evidence of this intention I saw in the adoption of state program for fishing industry development in Khabarovsk region.
The program aims to develop aquaculture and reproduction of aquatic resources, promote construction of modern fishing vessels, reconstruction of existing fish processing facilities and building new fish storing facilities. To finance the plan it’s supposed to attract funds from regional and federal budgets, as well as raise money from investors.
According to the press service of the Khabarovsk Region Government, current plan is to start construction of a number of state and private hatcheries. The priority will be particularly given to sturgeon and salmon breeding.
Currently 6 salmon hatcheries operate in the region, 3 of them are state owned, other 3 belong to private companies. The average annual production in past five years amounted to more than 67 million species.
In order to encourage fleet and equipment upgrade, the program will also provide state guarantees for the construction and modernization of vessels.
To receive the state subsidies the companies are required to meet three obligatory conditions:
increase production volume
increase wages of the company employees,
having no tax debts.
The effectiveness of the program already proves itself: in 2011 Russian fishing companies listed among those receiving subsidies increased production volume by 25 percent, and their capital increased by 10 millions USD, while the amount of subsidies was only about 1.5 millions USD.
Excellent results!

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