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The Industrial Development Corporation (IDC) has provided R23 million in loan funding for Africa’s first commercial shore-based marine finfish farm in East London.
The Corporation said at the weekend that it had “taken steps to help in the marine aquaculture of indigenous fish species” - a new industry for South Africa but an extremely necessary one.
With dwindling supplies in the wild stock of line fish, including Kob and Wild Salmon, marine mariculture is the long-term solution for sustainable supply of such species to the market.
The IDC said it was funding Espadon Marine, which was a pioneer in the development of hatchery/spawning technology and land based re-circulation systems for the sustainable production of indigenous marine finfish.
It has developed the technology, and possesses the technical expertise to successfully establish Africa’s first commercial shore-based marine fin-fish farm in East London.
The Corporation said the R23 million loan would be used for the construction of a hatchery and a 300-ton grow-out farm for Dusky Kob as well as working and operating capital.
Farmed fish from the first phase will be supplied to the Three Streams Smoke-house, which processes fish products for Woolworths.
The IDC’s head of the Agro-Industries Strategic Business Unit Rian Coetzee notes that the objective of his unit is to facilitate pro-poor and pro-rural agro-industrialisation by creating new industrial capacity that will have as its main outcome the creation of job opportunities.
Coetzee points out that the agro-industrial sector is an important part of the South African industrial landscape, adding that it represents about 18% of manufacturing gross domestic product and around 20% of jobs in the manufacturing sector.
Coetzee says that while it is important to facilitate the growth and development of large companies in the agro-industrial sector, it is also necessary to address the barriers-to-entry and barriers-to-growth that smaller companies face.
(Source: Provincial Minute - to subscribe mail metminutes@iafrica.com)
