Created: May 11, 2023 07:39 AM
Making progress: Erica Smith, the executive director of the Bermuda Economic Development Corporation (File photograph)
A fish-processing plant has moved a step closer to reality with the completion of a business plan for the project.
The plant is one of six infrastructure projects developed by the Government as part of its Economic Recovery Plan, launched two years ago.
The scheme is being spearheaded by the Bermuda Economic Development Corporation.
Erica Smith, the BEDC’s executive director, confirmed that a business plan was expected to be forwarded to the Government this week.
Ms Smith said: “We have completed the plan. It has recently been reviewed by BEDC’s board and recommended next steps have been agreed by the board.
“We are preparing the information to send to our minister for his consideration. That should be forwarded by the second week in May.”
According to the Government’s website, a shoreside facility will process fish caught off Bermuda. Under the plan, the Government will also support the purchase of ships to increase the domestic capture of fish, which will reduce imports and increase exports.
The website states: “Commercial fishing is one of the oldest industries in Bermuda and continues to be an essential part of Bermuda’s culture.
“However, its contribution to the economy has yet to grow proportionally to Bermuda’s population size or economic growth.
“The fisheries development center can be the catalyst that transforms the island’s artisanal commercial fishing industry to the next level.
“The center can make it profitable for all participants while improving the island’s food security by providing high-quality, sustainably harvested seafood from local resources, and diversifying the economy.
“The center will be able to offer several products and services for the industry, including those related to wholesale, retail, export, by-products and on-site experiences.”