Fish Processing

Fish Processing

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Fish Processing
Fish Processing
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SectorMost major industry classification systems use sources of revenue as their basis for classifying companies into specific sectors, subsectors and industries. In order to group like companies based on their sustainability-related risks and opportunities, SASB created the Sustainable Industry Classification System® (SICS®) and the classification of sectors, subsectors and industries in the SDG Investor Platform is based on SICS.
Food and Beverage
Food and Agriculture
Business Model Description

Set up fish processing plants for adding value to main fish caught within Seychelles' Exclusive Economic Zone (EEZ), including tuna and demersal species such as snappers, and by-catch such as mahi mahi and marlins. Produce high-demand sashimi, loins, smoked products, fillets, and chilled products for export to the African Continental Free Trade Area (AfCFTA) and the European Union (EU), and sell products in the local and regional market, to hotels and through fish exchanges. Develop circular economy models to produce omega oil, animal feed inputs or fertilizers from fish processing waste.

Expected Impact

Increase value addition from fisheries, enhance industrial capacity and export volumes and improve employment opportunities.

How is this information gathered?
Updated: 6 Jul, 2023 Date of Production: 1 Feb, 2023
Seychelles
Indicative ReturnDescribes the rate of growth an investment is expected to generate within the IOA. The indicative return is identified for the IOA by establishing its Internal Rate of Return (IRR), Return of Investment (ROI) or Gross Profit Margin (GPM).
Net Profit Margin: 5-10%
Investment TimeframeDescribes the time period in which the IOA will pay-back the invested resources. The estimate is based on asset expected lifetime as the IOA will start generating accumulated positive cash-flows.
Medium Term (5–10 years)
Market SizeDescribes the value of potential addressable market of the IOA. The market size is identified for the IOA by establishing the value in USD, identifying the Compound Annual Growth Rate (CAGR) or providing a numeric unit critical to the IOA.
USD 100 million - USD 1 billion
Average Ticket Size (USD)Describes the USD amount for a typical investment required in the IOA.
USD 1 million - USD 10 million
Direct ImpactDescribes the primary SDG(s) the IOA addresses.
Life Below Water (SDG 14) Industry, Innovation and Infrastructure (SDG 9) Zero Hunger (SDG 2)
Indirect ImpactDescribes the secondary SDG(s) the IOA addresses.
Decent Work and Economic Growth (SDG 8) Reduced Inequalities (SDG 10) Responsible Consumption and Production (SDG 12)

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Sector Sources
  • 1) FAO. 2021. Transforming agriculture in Africa’s Small Island Developing States. https://www.fao.org/3/cb7582en/cb7582en.pdf 2) Ministry of Finance, Trade, Investment & Economic Planning. 2020. Voluntary National Review 2020 Republic of Seychelles. https://sustainabledevelopment.un.org/content/documents/26382VNR_2020_Seychelles_Report.pdf 3) Ministry of Fisheries and Agriculture (MOFA). 2015. Seychelles National Agricultural Investment Plan (SNAIP 2015-2020). http://www.mofa.gov.sc/downloads/seychelles-national-agricultral-investment-plan.pdf 4) Seychelles Fishing Authority. 2018. Seychelles Fishing Authority Strategic Plan 2018-2020. https://aquadocs.org/bitstream/handle/1834/14808/SFA%20Strategic%20Plan%202018%20-%202020.pdf?sequence=1&isAllowed=y 5) Ministry of Fisheries and Agriculture. 2019. Fisheries Comprehensive Plan. http://www.mofbe.gov.sc/wp-content/uploads/2021/09/Fisheries-Comprehensive-Plan.pdf 6) Government of Republic of Seychelles. 2013. Seychelles National Food Nutrition & Security Policy. http://www.mofa.gov.sc/downloads/seychelles-national-food-nutrition-security-policy.pdf 7) Ministry of Fisheries and Agriculture. 2019. Seychelles Fisheries Sector Policy. http://www.mofa.gov.sc/downloads/Seychelles%20Fisheries%20Sector%20Policy%20.pdf 8) Ministry for Finance, Economic Planning and Trade. 2021. Budget 2022. https://www.statehouse.gov.sc/uploads/cabinet_downloads/126_SXUXuA3m.pdf 9) UNDP. 2021. Empowering the Private Sector to Diversify Seychelles’ Economy - Discussion Paper. https://www.undp.org/mauritius-seychelles/publications/empowering-private-sector-diversify-seychelles%E2%80%99-economy-discussion-paper 10) Ocean Health Index. 2021. Seychelles. https://oceanhealthindex.org/regions/seychelles/ 11) Ministry for Employment, Immigration and Civil Status. 2018. Seychelles Decent Work Country Programme 2019-2023. https://www.ilo.org/wcmsp5/groups/public/---ed_mas/---program/documents/genericdocument/wcms_674580.pdf 12) Ship Technology. 2019. Roundtable: the women fighting for equality in maritime. https://www.ship-technology.com/analysis/women-in-maritime/
IOA Sources
  • 13) FAO. 2019. GLOBEFISH Market Profile. Seychelles. https://www.fao.org/3/cb9822en/cb9822en.pdf 14) Republic of Seychelles, Commonwealth Secretariat. 2016. Seychelles Blue Economy: Strategic Policy Framework and Roadmap Charting the future (2018-2030). http://www.seychellesconsulate.org.hk/download/Blue_Economy_Road_Map.pdf 15) UNDP Project Team stakeholder consultation undertaken with RassFish on May 12, 2022. 16) Thai Union. 2017. Indian Ocean Tuna Limited. https://www.thaiunion.com/en/about/company/subsidiary/350/indian-ocean-tuna-limited 17) Seychelles Nation. 2022. Seychelles' seafood company Ocean Basket plans new plant, processing 15 tonnes daily. http://www.seychellesnewsagency.com/articles/16275/Seychelles%27+seafood+company+Ocean+Basket+plans+new+plant%2C+processing++tonnes+daily 18) Alexandra Allard, Charlotta Bauer. 2018. The possible effects of the blue economy on gender equality in the Republic of Seychelles. https://www.diva-portal.org/smash/get/diva2:1234269/FULLTEXT01.pdf 19) FAO. 2021. Fish By-Products Utilization, Getting More Benefits from Fish Processing. https://www.fao.org/flw-in-fish-value-chains/flw-in-fish-value-chainsresources/articles/fish-by-products-utilization-getting-more-benefits-from-fish-processing/es/#:~:text=Processing%20helps%20reduce%20food%20loss,bones%2C%20guts%2C%20and%20shells. 20) UNDP Project Team stakeholder consultation undertaken with Ocean Basket on May 11, 2022. 21) SeyCCAT. 2019. Gender and Ocean in Seychelles: A Mixed Bag of Nuts? https://seyccat.org/gender-and-oceans-in-seychelles-a-mixed-bag-of-nuts/ 22) The World Bank. 2017. Board Approves over $20 Million for Seychelles’ Sustainable Fisheries and Marine Resources Conservation. https://www.worldbank.org/en/news/press-release/2017/09/29/board-approves-over-20-million-for-seychelles-sustainable-fisheries-and-marine-resources-conservation 23) Government of Seychelles. 2019. Seychelles National Development Strategy, 2019-2023. http://www.finance.gov.sc/uploads/files/Seychelles_National_Development_Strategy_2019_2023.pdf 24) International Labour Organization. 2014. Fisheries Act, 2014. https://www.ilo.org/dyn/natlex/natlex4.detail?p_lang=en&p_isn=101280#:~:text=AN%20ACT%20to%20provide%20for,fishing%20activities%3B%20to%20provide%20for 25) FAO. 2020. Fisheries Regulations 1987. https://www.fao.org/faolex/results/details/en/c/LEX-FAOC002119/ 26) Seychelles Fishing Authority. 2012. Seychelles Fishing Authority (Establishment) Act, 1984. https://www.sfa.sc/index.php/e-library/fisheries-report?task=download.send&id=134&catid=48&m=0 27) FAO. 2019. Environment Protection Act 2016. https://leap.unep.org/countries/sc/national-legislation/environment-protection-act-2016-no-18-2016#:~:text=An%20Act%20to%20provide%20for,international%20commitments%20including%20the%20prevention%2C 28) FAO. 2019. Climate-Smart Agriculture in Seychelles. https://cgspace.cgiar.org/bitstream/handle/10568/106073/CSA%20in%20Seychelles.pdf 29) Seychelles Agricultural Agency. 2020. Seychelles Agricultural Agency Strategy. http://www.saa.gov.sc/images/Documents/SAA-2020-Strategy--Final.pdf 30) UNDP. 2020. An Assessment of the Socio-Economic Impact of COVID-19 in Seychelles. https://www.undp.org/africa/publications/assessment-socio-economic-impact-covid-19-seychelles 31) The Seychelles Fishing Authority. 2017. The Seychelles Mariculture Master Plan. http://www.mofbe.gov.sc/wp-content/uploads/2021/09/The-Seychelles-Mariculture-Master-Plan.pdf 32) Seychelles Investment Board. 2022. Fisheries - Tax and Incentives. https://investinseychelles.com/investors-guide/investor-resources/seychelles-tax-guide/fisheries-tax-and-incentives 33) SeyCCAT. 2018. Piloting voluntary fisheries zone closure on Praslin Island for the benefit of the marine environment and fisher folks. https://seyccat.org/piloting-voluntary-fisheries-zone-closure-on-praslin-island-for-the-benefit-of-the-marine-environment-and-fisher-folks/ 34) The World Bank. 2017. SWIOFISH3. https://documents1.worldbank.org/curated/en/394051505478217219/pdf/SEYCHELLES-PAD-09122017.pdf 35) FAO. 2022. Progress by countries in the degree of implementation of international instruments aiming to combat illegal, unreported and unregulated fishing. https://www.fao.org/fileadmin/user_upload/faoweb/statistics/SDG/April_2022/14.6.1_Progress_in_implementation_of_international_instruments_aiming_to_combat_IUU_fishing.xlsx 36) The Ministry of Finance, Trade, Investment and Economic Planning. 2020. Policy Paper on Economic Activities Reserved for Seychellois. https://www.investinseychelles.com/component/edocman/reserved-economic-activities-policy-reap-_april-2020/download?Itemid=0 37) Ministry of Investment, Entrepreneurship, and Industry. 2022. Seychelles Investment (Economic Activities) Regulations, 2022. https://www.gazette.sc/sites/default/files/2022-07/SI%2076%202022%20-%20Seychelles%20Investment%20%28Economic%20Activities%29%20Regulations%202022.pdf