Investment in Fisheries sector being promoted

The Government of St. Vincent and the Grenadines, in collaboration with the National Investment Promotions Inc. (NIPI), has begun its thrust to encourage investment in the local Fisheries sector.{{more}}

At a symposium held on Thursday, July 9, Minister of Agriculture Montgomery Daniel lauded the venture as a timely one, and declared that there is much emphasis on “the creation of a commercially viable fishing industry whilst ensuring the sustainability of the fisheries resources.”

In opening remarks, Chief Agricultural Officer Reuben Robertson explained that the symposium is the first in a series of activities designed to “heighten the need for further investment in the fisheries sector and… to create that impetus… to see the need to invest in this vital sector.”

Daniel added: “Fisheries development… is an integral part of the overall economic diversification policy of this government.” Mindful not to make light of the importance of the other sectors, Daniel highlighted the development of the appropriate infrastructure in the stimulation of growth and economic activity within the Fisheries sector.

He further recognized accomplishments already made, which are significant in the move towards meeting international standards for the marketing and distribution of fish and fish products. They include the completion of the Owia Fisheries Complex, and the renovations of the Kingstown Fish Market and the Bequia Fisheries Complex.

It was also divulged that investors are expressing considerable interest in the sector, and, presently, twelve fisheries-related loans have been approved, with a total disbursement of EC$1.8 million made in 2008. The government is anticipating the operation of two Mexican-built 43 ft long liners by the end of 2009 – each having a storage capacity of 10,000 lbs. Additionally, the use of four stroke outboard engines is being promoted in favour of the two strokes. The former are reputed to consume 40 – 60 per cent of the fuel utilized by the latter.

According to Daniel, there are a number of ongoing initiatives to promote and facilitate sustainability and environmental conservation. These include habitat enhancement, lobster and conch surveys, small coastal and large pelagic assessments, and coastal habitat surveys. He encouraged interested persons to make use of the opportunities highlighted throughout the symposium, and urged collaboration by all parties involved on ideas for the development of a more successful sector.

Cleo Huggins, NIPI Executive Director (ag.), presented on the investment opportunities within the sector. She made mention of opportunities such as long line fishing, value added export-oriented processing, boat building, mariculture (cultivation of marine life in natural habitat for commercial use) and aquaculture (underwater agriculture).

Huggins pointed out that opportunities such as these have long-term profitability despite minor challenges, and have the potential to reduce the nation’s dependence on imports.

Cerlian Russell, Senior Lending Officer with the National Commercial Bank, and Raymond Ryan, Chief Fisheries Officer within the Ministry of Agriculture, also made presentations.(JSV)