There may be opportunities for abalone production. According to experts, Namibian oysters are high quality and reach market size in half the time of oysters in some other parts of the world. Mariculture – primarily oysters – is another market ripe for expansion. In August 2020 the government announced that it will auction off certain fishing quotas to foreign fishing companies due to the government’s pressing need to raise revenue to respond to the COVID-19 pandemic. The “Fishrot” scandal – in which two former ministers and their accomplices were arrested in November 2019 for accepting bribes in return for directing valuable fishing quotas to an Icelandic fishing company – had significant distortionary effects on Namibia’s entire fishing sector and could lead to major reforms.
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Government incentives to increase Namibian participation have resulted in a proliferation of fishing companies and an overcapacity in onshore processing they have also created jobs for previously disadvantaged Namibians. The GRN has had mixed results with its program to “Namibianize” the fishing industry, which historically has been dominated by foreign (mostly Spanish) companies. The Namibian government (GRN) has been largely successful in sustainably managing its fisheries.
![namibia africa oysters namibia africa oysters](https://www.aluxurytravelblog.com/wp-content/uploads/2015/03/Oyster-barbecue.jpg)
Economic Development Organizations (EDO)įishing is one of Namibia’s top industries, contributing about 3 percent of GDP since 2007 and about 20 percent of export earnings.Foreign Direct Investment Attraction Events.Facing a Foreign Trade AD/CVD or Safeguard Investigation?.