Namibia’s Fishing Industry ‘Beyond Saving’ The Namibian (Windhoek)Maggi Barnard
NAMIBIA’S fishing industry is under such serious threat that it is almost too late to try and salvage the dire situation.
This was the message of several invited speakers and industry representatives at a breakfast meeting organised by the Namibian Economic Society at Walvis Bay yesterday.
“It is already five minutes past 12,” said Werner Thesen of the Banker’s Association of Namibia.
He said apart from a number of companies that have already closed, “others are believed to be on the verge of financial collapse. I am concerned that the banks may no lnger be in a position to further support the fishing industry, if the current situation is not addressed urgently.”
He said any companies had no equity left and therefore did not qualify to borrow more money from banks.
The banker said he had never seen such a serious situation in the past 15 years.
“I foresee 2005 to be a very tough year for the industry.”