Russia is to invest approximately 42 billion rubles (US$1.4bn) in a long-term programme to develop aquaculture by 2020, according to a statement on Russia’s government website.
The money will be used in the form of soft loans and subsidies for producers, and should double aquaculture production in the country over the next seven years.
Aquaculture production in Russia has increased significantly over the past two years, from 134 thousand tonnes in 2011 to a projected 200 thousands tonnes in 2013. According to forecasts by experts, by 2020 this figure should reach about 410 thousand tonnes. Also the law "On aquaculture" should be approved in May, which will be an important basis for the development of the industry.
"The legislation has been prepared in order to create a comprehensive legal framework that will regulate the legal relations in the field of aquaculture. Its adoption will contribute to the development of small and medium enterprises, to creations of the conditions for attracting investments for the development of aquaculture as well as to fuller development of intra-relationships between science institutes and aquaculture producers", as stated on the government’s website with regard to the law.