Seafood & Aquaculture
Guyana has the ideal conditions for a dynamic seafood and fisheries industry. These include a 459 km Atlantic coastal zone and an extensive network of rivers. Recently, fishing has accounted for approximately 7 percent of Guyana’s GDP. It was the third most important export after sugar and gold, amounting to nearly US$62 million in 2005. The U.S. is the primary market for most seafood exports. In 2004, however, Guyana was certified to export seafood to the lucrative EU market, creating a range of new market opportunities. While the seafood industry primarily consists of marine species caught in Guyana’s exclusive economic zone (EEZ), aquaculture has recently attracted significant investment growth.
Seafood
Guyana enjoys vast fisheries resources in the Atlantic Ocean, both in its coastal areas and its EEZ, which includes 138,240 square kilometers—equivalent to 64 percent of the country’s landmass. This area contains highly productive marine fisheries that include prawns (Penaeus latisculcatus), shrimp (Penaeus litopenaeus schmitti), seabob and a variety of commercial finfish. Although some segments of the marine sector (e.g. prawns, shrimp and seabob) are relatively consolidated and face uncertain sustainability (in terms of volume of catch), a number of lucrative opportunities exist, particularly in terms of adding value to existing resources:High quality fish – The price for high quality fish on the global market is generally increasing. Investors able to establish or upgrade quality control systems can greatly enhance the value of seafood without increasing current catch volumes.
Under-exploited species – Although some species are widely fished within 80 km of the coastline, a number of species further offshore are yet to be fished commercially. These include pelagic and deepwater species such as deepwater snapper, prawns, swordfish and tuna. Currently the seafood industry is not adequately rigged to exploit these species, meaning that lucrative opportunities exist for first movers.
Processing – Profitable opportunities exist for investments in modern processing machines and product development that meet the ongoing global demand for processed fish products.
Development of by-products – The seabob industry produces significant quantities of waste that could be used as fishmeal for aquaculture, adding to the overall value of catches.Action Plan Commercial Aquaculture (14.5MB)
Requires the free Adobe® Reader™Aquaculture
While Guyana’s marine resources have been an important component of its economy for some time, commercial aquaculture, especially in regard to tilapia and shrimp farming, is an emerging industry receiving the attention of both the Government and private investors. Although the industry is in its fledgling stages, a number of factors are driving opportunities within the aquaculture sector:
Higher prices – In general, the world’s fisheries are experiencing a decline in ocean catches (a result of over fishing). At the same time there is a growing demand for fish products, resulting in higher prices. Buyers are in constant search of new sources of quality fish that are available year round. Aquaculture can meet that demand.
Located on the West Bank of the Demerara, the New Line Aqua Farm is pioneering Guyana’s farming of Tilapia for export. The company has a state-of-the-art facility with 100 acres of fresh water ponds with advanced technology and is moving towards the completion of an integrated production system with a hatchery, feed mill, fish pond and processing plant for export to the U.S. and Caribbean. Once the processing plant is completed, the company expects to be able to fill five 20-foot freezer containers of frozen tilapia for export each week.
For more information, visit www.newlineaquafarm.com
Lucrative Markets – There is a growing demand for farmed fish, such as tilapia, not only in the U.S., where imports have grown dramatically in recent years, but also the E.U., which certified Guyana as an aquaculture supplier in 2004. Key markets include fresh filets going to the retail sector and frozen fillets going to the food service sector.
Easily adaptable agriculture infrastructure – The infrastructure (e.g. irrigation) developed for rice production can be easily adapted to serve commercial aquaculture, reducing the cost of the initial investment necessary to initiate operations.
Available inputs – As noted above, the marine fishery sector produces significant amounts of by-product that can be used as inexpensive fishmeal to fish farms.
High profitability – The experience of recent investors shows that income per acre of commercial aquaculture activities is considerably higher than other typical agricultural activities. For example, the estimated profit per acre is nearly 30 times greater than that of rice.
These factors provide a full range of opportunities for investors, from fish farming, to value-added downstream activities such as processing and freezing for export.
Organizational Support
The Fisheries Department of the MFCL is responsible for the management, regulation, promotion and sustainable development of Guyana’s marine and inland fishery resources. The unit conducts research, and extension activities, and produces comprehensive statistics. Stakeholder organizations include the Guyana Association of Trawler Owners and Seafood Processors (GATOSP) as well as thirteen fishermen’s cooperative societies.
