The industrial tuna fishing activity in the western Indian Ocean report for the year 2002: Impact on the economy of Seychelles

Fishing has traditionally played an important role in the socio-economic development of the country, providing an important source of exports and foreign exchange earnings, job creation, government revenue and most of all an important source of animal protein for the population. With the emergence of Port Victoria as a major tuna landing and transshipment center in the region coupled with the country's venture in tuna canning activity, the importance of the fisheries sector has grown even further to establish itself as a major economic activity, an important source of foreign exchange earnings and contributor to the country's wealth generation. The Industrial Tuna Fishing Activity in Seychelles has since its outset been an important source of revenue for the country's economy, representing almost 25% of gross inflows of foreign currency generated by the fisheries sector and associated activities in 2002. This contribution is not only in terms of earnings from the issue of licenses to foreign fishing vessels to fish in our Economic Exclusive Zone, but more importantly in terms of expenditure on local purchases of goods and services effected by these foreign vessels and foreign fishing companies based in Port Victoria. With Port Victoria being the principal base for these foreign fishing vessels implies that a number of job opportunities are created for Seychellois nationals as well as creating other spillover effects in the economy. Moreover, tuna landed in Port Victoria is also a main source of raw material for the local canning factory, which in turns generates further employment for Seychellois nationals and export earnings. After experiencing a significant drop in 1998, the gross earnings from the industrial tuna fishing activity has been growing steadily over the following two to three years and a record inflow was registered in the year 2000, after which slight decreases have been observed in subsequent years.

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industrial tuna fishing