Private sector push to the fisheries sector, with investments estimated at RO1bn

The private sector push to the fisheries sector, with investments estimated at RO1bn, is likely to triple the sector’s contribution to the GDP by 2023.

The new initiatives and projects envisaged by the Ministry of Agriculture and Fisheries (MoAF) in partnership with the private sector are expected to contribute to the GDP by RO556mn, increasing the contribution of the fisheries sector by more than three times the contribution in 2016, to reach RO781mn by 2023.

These estimates were part of the conclusion of the fisheries labs that ended last week after taking place for six weeks. The labs were conducted by MoAF in collaboration with the Tanfeedh Implementation Support and Follow-up Unit.

H E Dr Hamad bin Said al Oufi, Undersecretary for Fisheries in the Ministry of Agriculture and Fisheries said that the fisheries sector has been under the patronage of His Majesty Sultan Qaboos bin Said to be one of the promising sectors in enhancing the economic diversification. That is due to its promising assets as a renewable resource and its ability to increase its contribution to food security and provide employment for citizens, as well as to double its contribution to GDP. H E Dr Oufi indicated that the fisheries labs included three main activities, namely processing and export, aquaculture and catch.

The workshops intensified during the six weeks to identify challenges, find appropriate solutions and identify priorities for initiatives and projects, as well as setting time and cost of implementation. He also added that the labs concluded with more than 90 initiatives and projects, covering the three activities that were discussed in the labs.
 

The private sector expressed its willingness to finance these initiatives and projects by 93 per cent estimated at about RO1bn, keeping the government at 7 per cent which will be featured in facilitating and providing infrastructure. The rise in contribution to the GDP, will hopefully provide around 8,000 job opportunities by 2023, that is after the completion of all projects and initiatives set in the labs.