March 26, 2008

Barbados Fishing Industry Said to Be Worth Millions

A recent study by the Centre for Resource Management and Environmental Studies (CERMES) showed that the fishing industry here was worth more than 52 million BDS dollars (26 million US dollars).

"We have found a landed value (the cost value of fish caught) of 14.5 million dollars (7.25 million US dollars) and this is just a preliminary assessment," Director of the CERMES, Robin Mahon said.

He added that once factors such as shops and hotels were taken into consideration, the value skyrocketed.

The assessment was the first part of a study to determine the value of Barbados' fisheries, being done by CERMES in collaboration with the Environmental Special Projects Unit of the Ministry of Energy and the Environment, and the Fisheries Division of the Ministry of Agriculture and Rural Development.

"This was started several years ago and was completed last year but it still needs further work," Mahon said.

"Still, it points towards an industry which is more valuable than previously thought."