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Strong growth predicted for the seafood industry

Within 40 years, the size of the Norwegian seafood industry is projected to grow to six times its current revenue level, researchers state in a new report that will be published this week.

Today, the seafood industry has revenue of about NOK 90 billion. Researchers expect continued growth and revenues of NOK 250 billion in 2030. In 2050 they estimate the revenue to be even higher, at NOK 550 billion.

"An increase of six times the current revenue may sound like a lot, but we've broken this industry down into eight different areas and looked at the potential growth in each sector. We think that we have good estimates and solid facts," says director Karl AlmÂs in SINTEF Fisheries and Aquaculture, one of the groups behind the report.

Minister of Fisheries and Coastal Affairs, Lisbeth Berg-Hansen, thinks Norway is on the verge of a new oceanic fairytale.

"We know that the oil and gas resources will eventually run out, and there is no question that we will need other industries to take over. The seafood industry has the perspective of eternity, and could play an important role for Norway's exports in the future," the Minister says according to NTB.

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