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The meeting on the topic “Investment Opportunities in Fisheries and Aquaculture Sector of Lakshadweep Islands” was held at Bangaram Island on Saturday (December 13).
According to an official statement, the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying (MoFAHD), Government of India, joined hands with the Lakshadweep administration to organize the event.
“This was the first investors’ meet of its kind in the island, which was attended by various investors from across the country. So far, approx Rs 519 crore is envisaged,” the statement said.
Union ministers Rajiv Ranjan Singh, SP Singh Baghel and George Kurien as well as Lakshadweep Administrator Praful Patel also attended the event.
An interactive session was organized as part of the meeting to provide a platform for investors to share experiences and highlight challenges.
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He outlined a number of issues, including transportation of produce to the mainland, cold storage requirements, ice plants and the development of chilled fish handling centers for post-harvest management.
Investors called for value-added facilities for sashimi-grade tuna, fish oil refining capabilities, need for skilled labor and ornamental fish brood banks for strategic use of the Exclusive Economic Zone (EEC) of Lakshadweep to pursue sustainable development.
In his keynote address, Ranjan Singh said the Center has issued fishing regulations for the EEZ and hence, fishermen working there can now fish legally with authorized “access passes”, enabling them to export high-value tuna and other fish products to international markets.
He said that as per international law, the fishery resources present in India’s EEZ will now be recognized as of “Indian origin”, which will further ease the export of fish products.
The minister further said that the Center has issued ‘High Seas Fishing Guidelines’, giving legal rights to fishing boats flying the Indian flag to operate in these waters. He also urged investors to come forward and take advantage of the vast investment opportunities in the region.
Baghel in his address highlighted the untapped fisheries potential of Lakshadweep and stressed the need to bridge the gap between the archipelago’s current production of 14,000 tonnes and the potential of 1 lakh tonnes.
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He stressed that the islands are naturally suitable for premium quality tuna fishing using pole-and-line and handline methods, which are globally recognized for their clean and sustainable practices. With proper branding, certification and modern value-chain development, Lakshadweep tuna can reach high-end international markets.
He urged the exporters to explore new markets and take advantage of existing government welfare schemes to strengthen the fisheries value chain.
Minister Kurien focused on emerging investment domains such as seaweed farming and ornamental fisheries, which offer high returns and diversification opportunities.
He stressed that India should utilize its vast EEZ to boost production, strengthen deep sea fishing and create value-added seafood products to advance the blue economy.
Administrator Patel reaffirmed the collective commitment to realizing Prime Minister Narendra Modi’s vision of leading a Blue Revolution and urged stakeholders to share sector-wise and policy-related suggestions to help formulate the first fishing policy of Lakshadweep.
Highlighting upcoming initiatives such as development of Minicoy airport and strengthening of cooperative society, Patel assured full support to investors with plans to hold a follow-up meeting in Delhi to accelerate the progress.
22 leading investors from different parts of the country came together in the investors’ meet. More than 200 participants joined in the hybrid mode, the statement said.
The program was attended by senior officials of the Fisheries Department of the Center and the Union Territory as well as local fishermen societies, the statement said.