Mauritius seafood hub to attract big-ticket investments in 2014
Korean, Chinese and Russian investors are willing to help in the setting up of tuna industries, with investments expected to range from Rs 30 billion to Rs 40 billion. (Image: UNCTAD)
Investors from Korea, China and Russia have been in touch with the Ministry of Fisheries to set up tuna industries in the port of Mauritius, with investments expected to range from Rs 30 billion to Rs 40 billion.
As tuna constitutes about 96% of the total export value of fish and fish products from Mauritius, Korean, Chinese and Russian investors are willing to help in the setting up of tuna industries.
With this new initiative, the seafood hub will achieve an important pillar of the sectorâ€™s strategy which is to create additional employment relating to the supply of fuel and repair works on boats.
Board of Investment Managing Director Ken Poonoosamy noted in BOIâ€™s December newsletter that the seafood hub features high in the list of sectors achieving robust growth in FDI in 2013.
He went on to note that the seafood sector has experienced success with teeming investment and an increase in export value.
In 2013, French fishing major Sapmer inaugurated a new processing plant and storage facility in November with investments totaling Rs 20 billion. Also, Xinfa Overseas Company Ltd, a Chinese integrated fishing company, started operations last month with total investments of Rs 600 million.
With a strong seafood sector, the island economy counts as an important source market for tuna exports to the European Union (EU). As much as 25 per cent of the overall canned tuna imported by the EU comes from the Indian Ocean canneries and Mauritius is one of the two biggest ACP exporters of canned tuna to the EU market.
Further, it is positioned third in terms of overall EU canned tuna external supply and ranks third again in terms of volume and value of overall EU tuna loins external supply.