Tarun Karthick
Campbell Bay, 14 November 2024
The Department of Fisheries, under the Ministry of Fisheries, Animal Husbandry & Dairying, will inaugurate the Investors Meet 2024, focused on unlocking investment opportunities in the fisheries and aquaculture sector in the Andaman & Nicobar Islands. The event, scheduled to take place at the Taj Exotica in Swaraj Dweep, will bring together prominent industry leaders and dignitaries, including Union Minister Mr. Rajiv Ranjan Singh alias Lalan Singh and Prof. S.P. Singh Baghel, Minister of State, Mr. George Kurian, Minister of State, alongside Andaman & Nicobar Lieutenant Governor Admiral D.K. Joshi (Retd.), among others.
This meet will aim to catalyze partnerships and drive investments in a sector recognized as a “Sunrise Sector” for India, with transformative potential for the nation’s economy, particularly for rural development, export enhancement, and food security. The Andaman & Nicobar Islands, with an Exclusive Economic Zone (EEZ) of approximately 6.0 lakh square kilometres, offer abundant resources like Tuna, estimated at 60,000 metric tons, and various seaweed species, positioning them as an attractive hub for marine resource-based industries.
Investors from across India, including experts in tuna and seaweed technologies, will participate in the meet, providing a platform for in-depth discussions, lead presentations, B2B and B2G interactions, and strategic planning. These sessions will seek to explore public-private partnerships, promote sustainable practices, and set the stage for accelerated growth in fisheries and aquaculture.
Investment Potential and Strategic Vision:
The unique proximity of the Andaman & Nicobar Islands to Southeast Asia, coupled with its pristine waters, is expected to make it an ideal base for resource-based industries. The Department of Fisheries aims to capitalize on this advantage through sustainable growth initiatives, such as the development of a Tuna Cluster under the Pradhan Mantri Matsya Sampada Yojana (PMMSY). At the meet, a video outlining the cluster’s vision will be launched, symbolizing the government’s commitment to building end-to-end value chains and advancing infrastructure to enhance India’s global seafood competitiveness.
During the meet, sessions will highlight priority areas, such as infrastructure development, technology transfer, skill enhancement, and best practices in sustainable fisheries management. The forum will also address challenges faced by private investors and emphasize the importance of collaboration with Southeast Asian markets to unlock new trade and business synergies.
A Decade of Growth and Future Aspirations:
The fisheries sector in India has seen unprecedented growth, driven by government initiatives like PMMSY, the Fisheries and Aquaculture Infrastructure Development Fund (FIDF), and the Blue Revolution scheme. Since 2015, these programs have attracted ₹38,572 crore in investment, fuelling an average annual growth rate of 14% in seafood exports. In the fiscal year 2023-24, India exported 17.81 lakh tons of seafood, valued at ₹60,523.89 crore, with the United States as the largest overseas market.
Looking forward, the Department of Fisheries will aim to further expand seafood exports, targeting ₹1 lakh crore by 2024-25. The Andaman & Nicobar Islands will play a vital role in this vision, with the region’s natural resources anticipated to attract significant investment and create ample employment opportunities. A cluster-based approach to fisheries development, particularly in tuna and seaweed production, will be central to the Department’s strategy, ensuring that growth in the sector aligns with sustainable practices and promotes regional economic advancement.
Forging a Path Toward Economic Prosperity:
The Investors Meet 2024 will underscore the Andaman & Nicobar Islands’ potential as a hub for fisheries and mark a crucial step toward strengthening India’s seafood production and export capabilities. Through enhanced infrastructure, improved export connectivity, and new international partnerships, the region is poised to become a vital player in India’s fisheries sector, delivering economic growth and employment opportunities for the people of the Andaman & Nicobar Islands.