30 January 2020
- Four proposals received for an alternative business model for fish processing and sales on St Helena
- Preferred investor identified
- Executive Council will make a final decision once additional information has been received
St Helena Government (SHG) has received four proposals for an alternative business model for fish processing and sales on St Helena. After consideration of each of the proposals a preferred investor has been identified to undertake fish processing operations on the Island. Executive Council has requested additional information from the preferred investor and will make a final decision after considering the response received.
All four proposals were assessed against criteria for both technical quality and financial robustness. Key criteria included the degree to which each proposal supported: sustainable fishing, the local fishermen, supply of fish to the local community, processing of fish and exporting of fish to offshore markets. The assessment also considered the level of investment on-Island, proposed funding sources for the operation and whether the operation could be expected to operate at a profit within a reasonable period.
The model proposed by the preferred investor will promote growth in the fishing sector and create an operation that could directly benefit local fishermen. In addition to presenting a plan to supply a staple food source to the local market, the proposal demonstrated the knowledge base needed to build St Helena’s reputation as an exporter of high quality fish.
SHG expects to make a formal announcement regarding next steps for fish processing operations following the decision by Executive Council.
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30 January 2020