Portugal's minister of agriculture and fisheries, Jose Manuel Fernandes, has announced a new funding initiative of €22.8m to support the growth of the aquaculture sector and further research, reports Portugal Resident. 

This initiative falls under the Mar 2030 program, a co-financed initiative by the European Maritime, Fisheries, and Aquaculture Fund aimed at promoting sustainable fisheries, aquaculture, the blue economy, and ocean governance.

The announcement came after a visit to the facilities of Flatlantic, a leading flatfish production unit aiming to become "a world leader" in the industry.

"We want to support the best projects that align with our objectives: not only economic but also environmental," said Fernandes at the end of the visit. 

The minister also emphasized the importance of aquaculture for the European Union's strategic autonomy.

"The EU produces only 1% of the world's aquaculture, which means the only way is 'up.' For every 3,000 metric tons we consume in the EU, 2,000t are imported. Even in Portugal, we have a deficit of more than 200t per year in the fishing sector," he explained.

During the visit, Flatlantic's director, Miguel Lucas, outlined the company's ambitious expansion plans. He confirmed the company's goal to double its production capacity and significantly increase its workforce.

"We're making major investments to go from producing approximately 3,000t of turbot to 6,000t and 10,000t of sole," Lucas said.

The company currently employs 194 people, but with the planned expansion, the number of employees is expected to exceed 450. Flatlantic has already invested €40m in the project and plans to invest an additional €20m over the next two years.

"Our market is primarily the EU, with around 10% to 20% for Portugal and the rest for export. We aim to be world leaders in flatfish production, hence the name Flatlantic," Lucas concluded.