Namibian fishing vessel at Walvis Bay port. (Photo Credit: Heimsnet)
NAMIBIAWednesday, April 22, 2015, 04:00 (GMT + 9)
Considering the advantageous situation the Namibian fishing industry is experiencing at present Minister of Fisheries and Marine Resources Bernard Esau urged the whole sector to create fuel reserves and invest in their operations.
According to sources consulted by FIS.com, the minister made these statements given the benefits from the current low fuel prices and the depreciation of the Namibian currency against major currencies would not last long.
"Take advantage of forex. Our fisheries industry is export-orientated, as the total landings are being exported to various countries. A depreciation of our currency against major currencies is an advantage for our industry, as it gets more Namibian dollars for every Euro and American dollar earned," Essau pointed out as New Era reported.
The minister stressed that diesel prices decreased between January and March this year by about 18 per cent per litre, which was occasioned by the global oversupply of crude oil.
In addition, the overall export value of fisheries increased by NAD 1.3 billion (USD 107 million) during the 2014/2015 financial year, changing from NAD 5.7 billion (USD 471 million) during the 2013/2014 financial year to NAD 7 billion (USD 579 million). This growth was attributed to improved sizes in various fish species as well as an increase in prices.
Essau remarked that the sector was poised for growth and will continue to contribute positively to the growth of the economy.
"Our sector has a huge capacity to do this. I say this with greatest confidence because, I am well aware that the fisheries sector has done a lot over the years not only in terms of its contribution to the overall economic growth of the country, but importantly to the socio-economic advancement of vast majority of our people. We must continue to do this, while exploring new avenues and opportunities to do even more in the fight against poverty and inequality," the minister concluded.