The Minister of Fisheries and Oceans, Marianne Sivertsen Næss, and the Minister of Industry, Cecilie Myrseth. Photo: Ministry of Commerce and Fisherie

New Norwegian export investment in the fishing industry

NORWAY
Tuesday, October 15, 2024, 00:10 (GMT + 9)

The fishing industry will be the sixth export initiative in the government's export reform. All of Norway's exports.

Norway has established itself as the world's largest exporter of seafood, encompassing a diverse range of species and products from both aquaculture and fishing. The government aims to boost exports beyond oil and gas by 50% by 2030, with a focus on promoting the fishing industry as a key area for future growth, according to Industry Minister Cecilie Myrseth.

"In the Hurdal platform, the government has set itself the goal of increasing exports outside of oil and gas by 50 percent by 2030. To achieve this, we wanted to involve the business community and parties from the world of work to point out export initiatives. Now we want to promote the fishing industry as the next big export company", says Industry Minister Cecilie Myrseth (Ap).

Norwegian seafood was exported worth NOK 172 billion in 2023. This makes seafood Norway's second largest export industry after oil and gas.

"The growing global demand for Norwegian fish has made seafood one of our most important export industries. From the government's side, we want holistic investment in fishing industry exports that will contribute to the development of a more innovative and sustainable industry, creating jobs and value across the country", says Minister for Fisheries and Oceans Marianne Sivertsen Næss (Ap).

In 2023, Norwegian seafood exports reached NOK 172 billion (U$D 16 billion), making it the second-largest export industry after oil and gas. The growing global demand for Norwegian fish highlights its importance to the economy, prompting the government to invest holistically in the fishing sector to foster a more innovative and sustainable industry that generates jobs and value nationwide. Minister of Fisheries and Oceans, Marianne Sivertsen Næss, emphasized the significant role of the fishing industry in economic development, especially along Norway's coast.

The government recognizes the need to strengthen the entire seafood value chain, which includes suppliers of feed, vaccines, and equipment for aquaculture and fishing fleets. The National Export Council has been established to advise on export initiatives, with seafood proposed as a key area for future investment.

The Council has already launched strategic initiatives in marine renewable energy, the maritime sector, health, and product design, with tourism as the fifth focus area. The seafood industry is slated to become the sixth export initiative. The Council will collaborate closely with the business community to develop proposals for enhancing seafood exports, which will then be submitted for evaluation.

The government's reform, "All Norwegian Exports," launched in March 2022, aims to significantly increase exports outside the oil and gas sector. To facilitate this, the government has tasked Innovation Norway with creating a system for companies to request support for participating in trade fairs and promotional activities, as well as establishing the "Made in Norway" branding program. Additionally, Export Finance Norway (Eksfin) has been given a broader mandate to support export-oriented investments and projects with export potential.

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