Investors Urged to Make Use of Opportunities in Fishing Industry

The Government is inviting private investors to capitalise on the opportunities available in the local and global fisheries markets.

Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Karl Samuda, says the economy could benefit more from the global fishing industry if local investors go after a larger slice of the US$136-billion industry.

The Minister,  who was addressing a recent press briefing at the end of  a two-day Fisheries Retreat and the 10th Ministerial Council Meeting of the Caribbean Regional Fisheries Mechanism (CRFM), at Iberostar Rose Hall Suites in Montego Bay, said  discussions have confirmed that there is a large untapped market of open-sea fish and aquaculture, which needs to be explored.

“There is an adequacy of fish to serve the needs of Jamaica in our territorial waters and we need to pursue that vigorously,” the Minister urged.

Mr.  Samuda said the Government is reviewing a draft policy that will provide the framework for collaboration with the private sector to explore new species in an effort to ascertain the abundance of species, such as tuna and sea cucumber.

He also noted that the administration intends to implement new management regimes that will facilitate the sustainable development of these species.

“The new mechanisms will allow for the encouragement of new investments, even while enabling long-standing players to make a decent return on their investment,” the Minister said.

The meeting attracted the participation of various stakeholder groups, including industrial and artisanal fishers from across the region.