NIPI: Invest in fishing industry

26.JUNE.09

The National Investment Promotions Incorporated (NIPI) is encouraging investment in the fishing industry, hoping to realize the full potential of this country’s largely untapped fishing resources.{{more}}

The bloodstained, sea water drenched clothes of a fisherman, fresh from a fishing expedition, may not at first glance endear thoughts of a goldmine.

Fishing experts, however, believe that this industry, which contributes about $8 million annually to the local economy, can rocket to about $24 million if fishermen are better equipped and trained.

During Prime Minister Dr Ralph Gonsalves’ pre-budget consultation for the 2007 budget, representatives from the fishing industry, including Calvin Lampkin of the Goodwill Fishing Cooperative, pointed out that long line fishing vessels were needed if the local fishermen were to really explore the rich fish resources available.

“There is no problem with quantity, the fish is there,” declared Lampkin in a recent interview.

Some EC$6 million was made available by the government through the National Insurance Services (NIS) for lending by several financial institutions, including the National Commercial Bank, to facilitate the first part of this thrust.

Vessels were sourced out of Mexico, which can stay out at sea for up to seven days with a crew of six, and carry up to 10,000 pounds of fish.

At a cost of about US$250,000, the first of these vessels should have recently landed in St. Vincent.

Lampkin himself operated a longline fishing vessel in the 1990s and told of how he was able to pay back “with ease” the EC$200,000 that he owed for the vessel and pay his crew upwards of $1,000 each per week.

Lampkin explained that the fishing opportunities exist not only within the Caribbean Sea but also within the International waters of the Atlantic. “There are large Atlantic fleets in Trinidad and Grenada,” he said.

Given the viability of this business, it is therefore appropriate that St. Vincent and the Grenadines’ Investment Promotions Agency, NIPI has planned a fisheries investment forum scheduled for July 9th, 2009.

The idea is to attract investment not only in long line fishing, but also in value added production, and aqua and marine culture with the aim of developing and expanding fish products for local and external markets.

National Investment Promotions Inc. (NIPI)