LIBERIA – The government of Liberia is set to receive US$100 million investment into the fishing industry from RLG Group, an innovative business network that provides strategic investments in a diverse portfolio of companies.
The proceeds will go towards improving the fish industry through the development of fishing depots and the building of fish processing facilities in the country.
“The RLJ Group has expressed interest in investing 100 million United States Dollars in revamping the Mesurado Fishing Peer in Monrovia,” said Deputy Information Minister Eugene Fahngon.
The investment is an intervention in the fishing industry in addition to a partnership between Liberia and Japan to revive fishing operations at the facility.
Mesurado Fishing Peer is said to be lacking the capacity to allow for the landing of bigger vessels, forcing them to use facilities in neighbouring countries, curtailing on revenues generated by the government.
Director General Emma Matieh-Glassco, the National Fisheries and Aquaculture Authority (NaFAA) had said last month the dredging of the port will include a processing facility, as well as export and import terminals.
The partnership with the Japanese Fishery agencies also seek to attract foreign investment in the sector that will create more jobs and trigger economic growth.
The authority revealed it was in discussions with Japan’s Yamaha Motor Company for the establishment of a manufacturing plant in Liberia to produce motorized boats for artisanal fishermen as a way of industrializing the sector.
Meanwhile, NaFAA is also in talks with Bob Johnson’s Fisheries for potential investment in the sector including the establishment of a fishing port.
Recently, UN’s Food and Agriculture Organization (FAO) presented two vehicles to NaFAA to boost its extension programme across the country.
With FAO’s commitment to support aquaculture, Liberia will use the platform to revamp the sector while fighting against illegal, unreported and unregulated (IUU) fishing in Liberian waters.
It will also help fight lift the yellow card ban that prohibits Liberia from operating fishing activities in European waters.