Seychellois investors issued with first aquaculture licenses |15 December 2022

Representatives of the six investors in a souvenir photograph with guests after they had been issued with their licenses

Six investors whose applications were successful for aquaculture business ventures were yesterday remitted with the first sets of licences, marking another important chapter in the development of the sector domestically.

Seven licenses were issued by the Aquaculture department of the Seychelles Fishing Authority (SFA) from a total of fifteen applications thus far. The three types of licences will allow the investors to engage in research and development, production, and hatchery or nursery of approved species.

The six investors are: Ah-Time Dry Sea Products who was issued with two licenses, one for the production and a second Hatchery and Nursery License for sea cucumber; Harmony Investments with a Research and Development License for Sea Cucumber; Maxime Michel Spanner with a Research and Development License for Spanner Crab; the Islands Development Company (IDC) with a Production License for Prawns; Gonzague Dailoo, who was issued a Research and Development License for Mud Crab; and Rock Oyster Property Limited who was also issued with a Research and Development License for rock oysters.

Designated Minister and Minister for Fisheries & the Blue Economy, Jean-François Ferrari, during his address noted that the issuance of licenses is a remarkable achievement towards ensuring that Seychelles does not miss out on a great opportunity to tap into aquaculture, one of the fastest growing food production sectors globally, according to the Food and Agriculture Organisation (FAO).

The important step is also crucial towards safeguarding food security, with the production of certain species such as prawns and oysters resulting in import substitution.

“Firstly, this will allow us to save our foreign exchange and secondly, when it comes to fish stocks, we need to be aware that the stocks are not unlimited, but are rather, under pressure. While we are fishing from nature, we are also producing to allow us to strike a balance.

“It is a circular economy which benefits everyone, and while it will help us with exports, it will also help us to supply the local market,” Minister Ferrari stated.

The government is maintaining its original intention to grant the aquaculture sector the same benefits as the fisheries and agricultural sectors in terms of concessions on import duties of raw materials and equipment. As such, the licensees are to benefit from a three-year grace period to start their ventures with ease.

Director of Harmony Investments, Christopher Lespoir’s company, has been conducting research in sea cucumber production for around three years now. The research started through a grant disbursed by the Seychelles Climate Change and Adaptation Trust (SeyCCAT), and has since grown to incorporate more partners, including the SFA, among others.

Sea cucumber stocks are under immense pressure, and the species plays an important role in the marine ecosystem.

Through its partnership with the SFA who has provided the company space at its research facility, Harmony Investments has just returned from Coetivy where they collected samples of mature sea cucumber, and are presently in the conditioning phase of research towards reproduction.

“Eventually, we have the intention of venturing into the business and to also create opportunities for those already in the industry, but whose businesses are being threatened by depleting stocks. Demand for sea cucumbers are increasing especially in China, Taiwan, where demand is more than what is being supplied, and this is what is putting pressure on our natural stocks. That is why we think it is urgent that we find solutions to replenish our natural stocks,” Mr Lespoir stated.

The SFA has over recent years invested heavily in research and putting in place the right legal framework for the sector. While it is potentially quite costly to invest in the sector, the Aquaculture department can facilitate access to financing, through institutions such as the Development Bank of Seychelles (DBS) as administrator of the Blue Investment Fund, SeyCCAT, as well as overseas financing opportunities, noted Aubrey Lesperance, head of the Aquaculture department.

In addition to these three types of licenses, investors could also apply for a Restorative license for review by the Aquaculture Regulatory Committee. The sector is open to both Seychellois and foreign investors.

Present for the ceremony was principal secretary for Fisheries, Roy Clarisse; chairman of the SFA board Radley Weber; interim chief executive of SFA, Phillipe Michaud; and deputy chief executive Ashik Hassan.

Laura Pillay