BILOXI - Aquaculture is a $50 billion industry worldwide and a $1 billion industry in this country, and for the Gulf of Mexico it could one day be a $100 million industry.

Research that's laying the foundation for the future of the industry is the topic of a two-day retreat at the Isle of Capri in Biloxi. It got under way Tuesday and continues today.

The workshop is designed to bring participants up to date on some of the issues surrounding the fish farming industry.

Mississippi is one of the states participating in research to determine the viability of deepwater aquaculture. The current project here involves a fish cage 26 miles out in the Gulf.

"It's a very complex subject involving a lot of disciplines," said James McVey, director of the aquaculture program of the National Sea Grant Office.

With two-thirds of the Earth's surface covered by water, aquaculture is seen as a growing industry. The U.S. proportion is fairly modest, just $1 billion in a $50 billion worldwide industry. But the nation's aquaculture policy calls for a five-fold increase to $5 billion.

Part of the reason is that the United States currently imports some $14 billion worth of seafood, much of it raised through aquaculture.

The research under way here and elsewhere involves engineering, environmental issues, modeling, marketing and more.

The project in the Gulf of Mexico is different from the others in a number of respects, including its distance offshore.

"We are much more offshore," said USM's Chris Bridger, who said the cage was initially deployed in the Gulf of Mexico in October 2000, but broke free in December. It's been redeployed with a three-point mooring system, Bridger said.

McVey said that the jury is still out on whether aquaculture has a future in the Gulf of Mexico, in part because of the depths required, ideally 150 feet. But part of the research involves seeing if farming in shallower seas is viable.

He said the Gulf has a lot going for it, not the least of which is an acceptance of industries working in the Gulf. The same is not true off other coasts.

"The skills and infrastructure are here in the Gulf Coast. There's an acceptance of industry in the Gulf of Mexico," McVey said, pointing out the oil and gas rigs that can be seen from some shorelines.

McVey was willing to go out on a limb.

"I think it can be worth over $100 million in the Gulf in five to 10 years," he said.