Government Concerned Over State of Fishing Industry

Government Concerned Over State of Fishing Industry
AllAfrica.com – Africa

THE Ministry of Fisheries and Marine Resources has expressed concern over the state of the fishing industry.

Last year ended with news of retrenchments and 2005 started with more news of factories closing down.

A statement issued by acting Permanent Secretary Dr Moses Maurihungirire said:”The current difficulties in the fishing industry are a matter of concern to the Ministry of Fisheries and Marine Resources and the entire Government. This kind of trend can ramify into serious social and economic problems.”

The Permanent Secretary said for the last few years the industry had been hard hit by financial problems induced by external factors.

He listed high crude oil prices and the weakening of major currencies such as the US dollar as the contributing factors to the dire situation.

The high oil prices resulted in soaring operational costs, and the weak currency had a negative effect on the income of an industry based on exports.

“Both these factors have contributed to reduced net income of the fishing industry, thereby forcing some companies to lay off some of their employees,” said Maurihungirire.

READ MORE>>

%d bloggers like this: