Mozambique Targets $90 Million Income as It Starts Tuna Fleet

Mozambique expects to earn $90 million a year after it establishes a tuna-fishing fleet, Victor Borges, the country’s fisheries minister said.

The country, which lies on the Indian Ocean, could catch 23,000 metric tons of the fish a year, Borges said, citing a feasibility study.

Mozambique this year sold $850 million in bonds to fund the purchase of tuna fishing vessels and patrol boats, according to advisory company Teneo Intelligence. Empresa Mocambicana de Atum SA, or Mozambican Tuna Co., was set up by the government in August. Revenue from tuna fishing is currently only about $1 million, Borges said.

“Tuna fishing in Mozambique is currently dominated by foreign companies,” Borges told parliament in Maputo, the capital, yesterday. “There are 130 vessels catching tuna in the Mozambique economic zone and among those only one is Mozambican.”

Currently shrimp accounts for about 70 percent of Mozambique’s fishing catch, according to the United Nations Food & Agriculture Organisation.

To contact the reporter on this story: William Felimao in Maputo at wfelimao@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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