Chilean state development corporation Corfo is throwing its weight behind a program aimed at boosting the economic impact of the salmon industry on the country's southern Aysen region.
The three year 'Developing Aysen's Fjords and Waterways' initiative has five main goals.
Among them are to lift salmon suppliers sales in the region by 10 percent and spark a similar percentage increase in the number of new suppliers.
It also aims to drive a 20 percent increase in business between salmon suppliers and local businesses, stimulate investment and in the process boost employment levels in the regional industry.
The region accounts for nearly 50 percent of Chile's salmon grow out for facilities but only 20 percent of the sector's investment, despite the presence of major salmon producers, Corfo Vice President Pablo Terrazas said.
La Corporación de Fomento de la Producción de Chile (Corfo) is a Chilean governmental organization founded in 1939 to promote economic growth in Chile,
It originally helped create sectors considered essential including oil power, steel, transporation and sugar among others.
It's hoped the initiative will drive extra revenue to the region worth $500 million (€453 million) in services alone.
Another aim is to double the amount of nearly 3,000 workers operating in the fisheries sector and raise revenues from salmon farming substantially from the 22 percent it contributes to the region's GDP.
The program aims to build on an initiative launched last year by Chile's Salmon Technology Institute (Intesal).
A working group consisting of members from Corfo, industry trade body SalmonChile, representatives from Mowi, local suppliers and regional government will meet monthly.
A board of thirteen with a greater presence from the private sector plan to hold quarterly meetings.
Terrazas sees the program as a win-win situation expecting lower costs for salmon companies and suppliers, more employment and greater revenues for the region.