The new Faroese coalition has agreed to introduce 10-year fishing licences and a long-term fisheries policy aimed at stability, sustainable resource use, and higher value creation in the industry.
The plan also sets clear, stable conditions for aquaculture, with a focus on biological safety, competitiveness, and simpler regulation.
10-year licences to secure stability
The coalition says predictable conditions are key for the fishing industry. It will introduce a licence system with permits lasting up to 10 years.
The goal is to give companies planning certainty and “working peace” while ensuring sustainable use of marine resources.
The policy also aims to increase value creation within the Faroe Islands, rather than abroad.
Focus on value and technology
The agreement highlights better use of raw materials and investment in new technology.
Authorities want more processing and the development of higher-value products locally.
There is also support for exploring new fisheries, including redbait and mesopelagic species.
Aquaculture rules under review
Aquaculture will operate under clear, stable rules, with an emphasis on sustainability and competitiveness.
However, the government will review the current fee system in light of rising global energy costs, which are affecting production.
The broader aim is to ensure that both fisheries and aquaculture remain strong drivers of jobs, exports, and economic growth.