The government of Tanzania has pledged to offer its support to the potential investors keen to venture in the fisheries industry. The fast-growing sector has caught the attention of several business councils that see investment opportunities in the aquaculture and seek to seize the golden chance and capitalize on the resources.
Tanzania’s fisheries production has been in the range of 325,000 to 380,000 tonnes per annum, over the last ten years. The inland fisheries accounted for a mere 5 percent while both marine fisheries and aquaculture accounted for 14 percent and 1 percent respectively. The sector has rapidly risen to be a source of livelihood for many citizens, with over 4 million employed in the industry, according to Mordor Intelligence.
The government of Tanzania is keen to see the industry significantly impact the economy of the country by contributing to the national GDP and transforming the lives of its citizens. The Parliament with the leadership of President John Magufuli is improving the nation’s business climate in a bid to attract more businesses and investors.
In 2016, Tanzania exported fish and fisheries products worth $176,797.8 million despite experiencing a shortage of over 400,000 tonnes of fish. Last year, with a total export of $4 billion, seas food accounted for $192 million. Precious stones and metals accounted for the highest percent with $1 billion in export value.
In September this year, Netherlands promised to help the country’s sector by establishing a model farm in Tanzania’s capital Dar es Salaam. Commenting on the project, the Netherlands Ambassador to Tanzania, Mr. Jeroen Verheul, said, “We have decided to participate in various economic activities, including flower farming, poultry, Irish potato farming, and fish keeping.”
A study showed the fishing sector can potentially rake in $4 billion for Tanzania should the appropriate measures be put in place. Tanzania fishes at least $872 million from the sector, accounting for 2 percent of the GDP.