NIS 9.6 million: Aquaculture receives significant support

During the year 2024, the Ministry of Agriculture and Food Security will invest NIS 9.6 million in the aquaculture industry. This follows the inter-ministerial agreement signed in 2022 between the Ministry of Agriculture and the Ministry of Finance.

The support in the aquaculture industry will be given to breeders of edible quality fish, such as: bream, barramundi, bass, bream, musser, trout and others (other than tilapia, carp and mullet), in light of the lowering of the import duty on these fish as part of the fight against the cost of living.

The purpose of the procedure is to support the making of investments in the aquaculture industry for fish farmers, for whom the customs duty was reduced and for whom another reduction is planned on January 1, 2025, in accordance with the inter-ministerial agreement signed in 2022.

The aquaculture industry is an important agricultural industry that the Ministry of Agriculture wants to strengthen. Today, fish production in artificial ponds (and fish cages in the sea, a method that is getting smaller and smaller) have become a large industry, which yields more produce than traditional fishing. "In order to continue to meet the demand for food from the sea, the ministry considers it appropriate to support and invest in the industry when the support will be given proportionally to the marketed ton, according to NIS 5,500 per ton," the Ministry of Agriculture explains.

The investment budgets will be provided by the Ministry of Agriculture at a grant rate of up to 50% and in addition, within the support procedure, investment items in advanced mechanization in marine agriculture in raising quality fish will be recognized, in topics such as feeding systems, cleaning facilities, sludge treatment and removal, oxygen generators, etc.

Director General of the Ministry of Agriculture and Food Security Oren Lavi explains: "The management of the ministry sees great importance in promoting protein solutions for the population, including the development of food from water. These days we are working to remove many barriers to the activity of this branch of all types, while building a strategic plan, as part of the formulation of Israel's food security plan."

Yossi Steinberg, Vice President of Finance and Investments at the firm, adds: "We see the need to strengthen the aquaculture industry in order to ensure that the best Israeli fish reach the consumer's table in the best quality. The purpose of the support procedure is to help the fish farmers in their work using advanced mechanization and help in the technological improvement of the industry."