The Fisheries Research Fund intention is to stimulate both scientific and industrial R&D projects in order to develop the Faroese fishing industry, harvesting, processing and trade, with regards to biologically, economically and socially sustainable use of the ocean's resources.
List of Priorities are:
1. Responsible fisheries (Fiskiskapur vi ßbyrgd)
2. Experimental fisheries, production and marketing (Royndarveia, framleisla og s°la)
3. VAS ľ Value Added Seafood (Viris°king av fiski)
4. Economic and social development of the fishing industry (B˙skaparlig og samfelagslig menning av fiskivinnuni)
5. Health, safety and environment (Heilsa, trygd og umhv°rvi)
The Programme is also financing three small Fisheries R&D Centres for Marine Biotechology, Fish Harvesting Technology, and Fish Processing Technology, respectively. The three R&D centres are hosted by and based upon the existing infrastructure of Faroese government agencies and public institutions. Each centre is backed by a Programme Committee consisting of researchers and industry representatives. The R&D centres are commissioned to build scientific capacity of relevance to the industry, by participating in and organizing R&D projects in cooperation with the industry and research institutes abroad as well as in the Faroe Islands.
Seafood Research is a matter of Ministry of Fisheries and Maritime Affairs. Aquaculture is a matter of Minister of Trade and Industry.
Important basic info about the Faroe Islands
The Faroe Islands are a self-governing nation under the sovereignty of the Kingdom of Denmark. The Faroese Parliament legislates independently of Denmark on all areas of self-government, including the conservation and management of fish and whale stocks within the 200-mile fisheries zone. Unlike Denmark, the Faroe Islands are not a member of the EU, but maintain bilateral trade agreements and bilateral fisheries agreements with the EU and a number of other countries, including our nearest neighbours, Norway, Greenland, Iceland, and Russia.