Tourism one of main investment poissibilities for Seychelles

Mr.

Mr. Radley Weber of Oceana Fisheries, a privately-owned Seychelles fishing company, was one of the several private-sector businesses represented at the Seychelles Investment Forum held on July 21 and 22 in Johannesburg, South Africa.

Making a strong case for foreign investment in the company with a current turnover of US$14 million and pre-tax profit of US$2 million, Mr. Weberโ€™s presentation invited a foreign partner to come on board in securing long-lining fishing vessels and in the processing of value-added products.

โ€˜We are seeking an investment of US$500,000 per vessel with a capacity of 10 tons per trip and a value of raw products standing at US$15 to US$20 per kilo,” explained Weber, “with an initial fleet size of 10 vessels rising to 30 in 5 years.”

Other areas of development are increased factory production from 10 to 100 tons per day with a 25% to 30% return on an investment of US$20 million. “We will consider a sale of shares in the company, even majority shares, to a value of about US$10,000,000,” confirmed Weber, stating his satisfaction at the way the forum was organized.

Seychelles already possesses the largest tuna canning factory in the world and is also the planetโ€™s largest tuna fishing port with a current capacity of 350,000 metric tons a year.

Fishing, tourism, and off-shore business were the main investment possibilities being presented by the Seychelles delegation in Johannesburg, South Africa.

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Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

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