Minister of Fisheries Einar K. Gudfinnsson believes Iceland’s position in foreign fish markets will be strengthened with his decision, announced Friday, to reduce the cod fishing quota by 60,000 tons.
The minister argues that although there will be a smaller supply of cod for the next few years, demand for fish caught from a sustainable stock will increase, Fréttabladid reports.
“Those who buy the most Icelandic fish find it very important to be able to prove to their customers that they are offering fish from a stock which is sustainable and harnessed responsibly,” Gudfinnsson said.
The minister said that the opinion of the market was one of the factors he considered when reaching his decision on the quota cut, adding Iceland’s reputation in fisheries is of great importance and that it should be maintained.
“The quota cut will cause us considerable harm in the short term because we cannot maintain our leadership. We have built our strength on being able to adapt to the needs of our customers and that will be more difficult with a smaller supply,” the CEO of the fishing company HB Grandi, Eggert B. Gudmundsson, told Fréttabladid.
“But the quota cut will also strengthen our image regarding cod,” Gudmundsson added. “It demonstrates that people in this country are determined to fish sustainably and rebuild the cod stock.”
Click here to read yesterday’s story about the quota cut.