Muscat : The youth of Oman are increasingly drawn to the fisheries and aquaculture sector, a trend that has gained momentum, particularly in the post-pandemic era. Dr Saud bin Hamoud al Habsi, Minister of Agriculture, Fisheries and Water Resources, said there had been a surge in youth-led projects, particularly in technology, production, and value-added initiatives.
The minister attributed this growing interest to heightened concerns about food security and geopolitical dynamics. Additionally, the evolving technology landscape in the food industry, including the use of drones and innovative marketing strategies, has captured the attention of the youth, aligning with global trends.
Speaking to the Observer, the minister pointed out that the ministry and the bank will work closely to ensure that SMEs and investors will create easy access to this fund.
The RO 10 million portfolio, dedicated to value-added projects, aims to boost local initiatives. Dr Al Habsi emphasised the ministry's commitment to ensuring easy access to this fund for SMEs and investors, particularly in a sector where Oman has achieved almost 150 per cent self-sufficiency in fisheries.
“The evolving technology has been appealing to the youth as there has been a big shift in technology and the food industry, and this has been an attraction to this as a trading platform, whether it is the use of drones or new marketing strategies. And this is not just local, it is an international trend as well,” he said.
Dr Al Habsi encouraged aspiring entrepreneurs, stating, "We are looking for serious investors, and we encourage the youth to explore, understand the sector, and they will get the support." To further support this enthusiasm, the ministry recently signed a significant agreement with the Development Bank to finance national added-value projects in the fishery sector, offering opportunities for SMEs and investors.
The ministry and the Development Bank plan to collaborate closely to facilitate access to the fund. Dr Al Habsi highlighted the sector's potential for exporting seafood globally and emphasised the need to capture more value from the produced quantity.
Acknowledging the Development Bank's continued support, Dr Al Habsi expressed gratitude for financing initiatives related to food security and agricultural projects. The increased financing ceiling and eased conditions for the 2023 Food Security Laboratory Output Projects demonstrate the bank's commitment.
Approximately 25 areas have been identified for development projects, including aqua farming, ready meals from fish products, food supplements, pharmaceuticals, cosmetics, aqua feed, livestock feed, high-tech solutions for the fisheries sector, and fishing equipment.
Mohammed bin Abu Bakr al Ghassani, Chairman of the Board of Directors of the Development Bank, highlighted the bank's role in enabling development in Oman. He sees the partnership with the ministry as crucial for financing industrial projects in the fish sector, fostering job opportunities, and contributing to economic growth.
Dr Abeer al Kalbani, Director of the ICV Department, emphasised a shift towards enhancing the value of products in sectors with self-sufficiency exceeding 70 per cent. With the fisheries sector surpassing 100 per cent, the focus is on attracting investors for major projects in Oman. A forthcoming awareness campaign will highlight the fisheries sector and value-added projects, providing technical support to investors throughout the project lifecycle.
The cooperation programme, including the financing product, aims to enhance investment in manufacturing industries within the fisheries sector, foster exports, increase the sector's contribution to the domestic product, and generate employment opportunities. The initiatives align with Oman Vision 2040, prioritising prosperity and well-being for Omani citizens and positioning Oman among developed nations.
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