Indian Firms to Set Up $12 Million Fish Investments in Uganda

By Eddyson Lugangwa Posted 23 October 2006 @ 03:45 pm EET     Print     Reprint     E-Mail     Comments

Kampala (IBTimes.com) - Plans are underway for two Indian companies to set up multi - million dollar investments in Uganda's fisheries sector. The State Minister for Fisheries, Mr Fred Mukisa told a press briefing on Friday that the government has already identified land where the investors would establish their factories.

He identified the investors as Ms Mashuli Gashmani India Limited, which intends to spend $8 million to set up a commercial prawn fish farm and Ms Angelique that intends to set up a $4 million (Shs7.3 b) turnkey aquaculture enterprise.

"These investments that are taking off early next year will be peasant based. On top of producing their own fish and seafood, the investors will buy fish from small holder commercial farmers and process it for export," Mukisa said.

Prawns are a popular seafood that can be raised in fresh waters. On the world market, a kilo of prawn goes at $15 (Shs27, 450). The prawn fish farm, according to Mukisa, will be a joint venture between the Indian investor and and a Ugandan fish exporter.

He said commercial fish farming is the future of the fishing sector that has relied on capture fishing for a long time but failed to earn meaningfully from fish exports. He said stock taking of medium and small-scale fish farmers is progressing to ascertain their number and capacity to supply the prospective investors.

"The farmers who would need support from government to improve their capacity will get it," he stressed. He said the government through the Fisheries Development Project, has set aside Shs1 billion to assist medium scale fish farmers and Shs500 million towards small hold fish farmers.
He said the Fisheries Bill 2006 will be tabled soon.