New fisheries law

New fisheries minister Jacob Vestergaard has presented his plans for the fisheries industry to Parliament.

He said he is planning a proposal for a new fisheries law, which will include the amendments mentioned in the coalition agreement.

These changes include a ten-year term of notice when a ship’s fishing licence is terminated.

Foreign ownership allowed

Non-Faroese ownership in the fishery industry will continue to be allowed, but the shareholding will be limited to 25 percent for foreign nationals who in the future invest in the Faroese offshore fishery industry.

The fishing day system is also set to continue. 

Vestergaard’s presentation also included details on the administration of marine resources and fishing rights outside of Faroese waters.

Translated by prosa.fo