Fisheries a major pillar of economic diversification

SourceTimes of Oman
SectorEconomy
CountryOman

Muscat: The fisheries sector figures among the main components of economic diversification resources due to the fact that it is a renewable sector capable of contributing to food security and providing employment opportunities for citizens, besides augmenting the Gross Domestic Product (GDP).In 2017, the Fisheries Lab announced more than 90 initiatives and projects that covered three basic activities. These include: commercial fishing (firms), artisanal fishing (individual full-time fishermen) and fish farming; fishery industries and exporting.The initiatives and programmes are expected to achieve a considerable increase to the GDP estimated at OMR556 million, thereby achieving a three-fold rise of the overall contribution of the fisheries sector over 2017 figures to OMR781 million by 2023 and generating an investment value touching OMR1 billion.Dr Abdulaziz Said Al Marzouqi, Director General of Fisheries Resources Development, affirmed that the commercial fishing fleet’s development plan seeks to sustain the leading role of the fleet in developing the fisheries sector and realising the most ideal use of its resources.In a statement to Oman News Agency (ONA), Al Marzouqi pointed out that the plan targets OMR1.34 billion increase of output from fishing areas by 2025. Accordingly, the contribution of the fisheries sector to the GDP is expected...read more...