Muscat: The aquaculture in Oman is expected to contribute $5.20 billion to the state GDP, producing as much as 220,000 metric tonnes, with an estimated market value of $900 million by 2040.
The Ministry of Agriculture and Fisheries has already revealed its plan of investing $1.30 billion in fisheries development.
“The investment is part of the government initiatives to help promote sustainable fishing and provide the necessary infrastructure to increase fisheries production in Oman,” says a report by Business Wire.
Oman is one of the largest fish producers in the GCC region and a net exporter of fish and their products, fisheries. The aquaculture sector is the most important in Oman registering a compound annual growth rate (CAGR) of 5.2 per cent during the period.
Oman Aquaculture Development Company (OADC), under its national food security programme, plans to double production from about 200,000 tonnes in 2016 to 480,000 tonnes in 2020.
“Oman's environmental advantage provides a high potential for the development of aquaculture and there is a strong commitment from the government to develop this sector in a competitive and sustainable manner in harmony with the social, economic, cultural, and historic values of the country,” the report points out.
The Ministry is making large-scale investments valued at $1 billion across 15,000 hectares for the development of the aquaculture sector.
According to the Food and Agriculture Organization (FAO), the fish capture in 2018 accounted for 44,207 tonnes up from 26,677 tonnes in 2016.
In Oman, deep sea fishing accounts for nearly 99.9 per cent of the total fish landing.
The World Bank Group has supported the fisheries sector in the Sultanate of Oman with a wide range of policies and technical advice, given uniquely for the Bank to the fisheries sector through a Reimbursable Advisory Service or RAS from 2016.
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