Fisheries

The Potential Market

The world market, particularly Africa and Asia, has seen a growing market for fresh and processed fish products. For instance, the Economic Community of West African States (ECOWAS) market imported fish valued at US $2 Billion in 2011. With improving social and economic conditions in the ECOWAS region and rising incomes, consumer demand for fish is expected to continue rising.

• Combined imports to the 15 countries of ECOWAS from 2008 to 2011
• Fish: up from US $406 Million to US $2.5 Billion (CAGR85%)

Regional Market: Liberia has access to ECOWAS market (made up of 15 member states) and Mano River Union (MRU) regional markets. Under the MRU arrangement trade with other member countries is duty free and any goods seeking to benefit must be accompanied by a proof of origin documentation.

European Markets: Liberia receives preferential treatment under the European Union’s Everything But Arms (EBA) initiative. The EBA grants duty-free, and in most cases quota-free access to EU markets.

U.S. Markets: Liberia receives preferential treatment under the African Growth and Opportunity Act (AGOA), which offers the most preferential access to US market available outside of free trade agreements. Liberia also has a Trade and Investment Framework Agreement (TIFA) with the USA.

Sources: UNCTADSTAT; Dalberg analysis; Dalberg analysis.

Source: UN Comtrade Data (HS 0303-7); *GoLAsycuda data; Dalberg analysis

The Supporting Infrastructure and Resources

There are several on-going interventions seeking to enhance the attractiveness of the fisheries sector

• Recognising the high energy costs of fish storage and processing, the Government and its partners are investing heavily to extend power supply
• West Africa Regional Fisheries Project (WARFP) and the Liberia Bureau of National Fisheries (BNF) are working toward a restriction on the quantity of fish importations
• National export strategy to focus on promoting domestic production
• Stakeholders are currently in the design stage of the fish harbour in Monrovia
• Food and Agriculture Organization (FAO) of the United Nations has built four fish landing sites
• Donors have committed funds for the establishment of a standards laboratory for the fisheries sector
• US Government is providing support to the Liberia Coast Guard Services
• The Liberia National Port Authority (NPA) plans to expand its port facilities and establish a dry dock

Liberia has increasing transport links to support the export of frozen fisheries products. Several airlines and sea transport companies provide cargo services and are interested in increasing their current capacities:

• SN Brussels and British Airways operates flights to Europe
• Delta Airlines has flights to the United States of America
• Regional airlines such as Royal Air Maroc, Kenya Airways, Gambia Bird, and ASKY Airlines provide connections to neighboring regional hubs.
• WTA (West Africa) and DHL provide air cargo services
• Leading international shipping companies such as Maesrk operate in Liberia and have refrigerated cargo services enabling the transportation of produce to Europe and other markets

The Competitive Advantage

Liberia presents an opportunity for import substitution:  Although Liberia has ample fish stock and a long coastline suited for fisheries, the country’s import of fish products are high – approximately US $16 Million (41million MT) of fish products are imported annually. With its Atlantic coastline of 570km and a continental shelf averaging 34km in width, Liberia offers some 186,322 km2 of fishing ground with in the Exclusive Economic Zone (EEZ). Species include snapper, grunter, sole, tuna, barracuda, flat sardine, round scad, mackerel, lobster, blue marlin and shrimp.

Additionally, Liberia’s rivers and irrigation potential create the right conditions for aquaculture production.The country has approximately 1,810 km of rivers that traverse it, and countless perennial swamps and inland water bodies with enormous potential for increased production from inland fisheries and aquaculture. Pre-war production reached 29 MT/year.

Source: UN Comtrade Data (HS 0303-7); *GoLAsycuda data; Dalberg analysis

A range of opportunities exist in Liberia along the value chain in the fisheries sector

Affordable labor is available to work in the fisheries sector: Recent surveys indicate that there are approximately 3,300 canoes and more than 11,000 fishermen operating actively along the coastline

Liberia has increasing transport links to support the export of frozen fisheries products: Several airlines and sea transport companies provide cargo services and are interested in increasing their current capacities

How the LNIC Can Support You, the Investor

The LNIC is your first step toward establishing a sound and profitable business in Liberia. Wefacilitate your entrance into Liberia by:

• Helping to identify opportunities
• Finding the right information for your business
• Getting you in touch with the right people at the right places

The LNIC provides the aforementioned support in order to stimulate direct, productive investment that will create jobs and inject innovation into Liberia’s growing economy. If your aim is to establish a long-term business relationship in Liberia, we can help: info@investliberia.gov.lr or +231 (0) 770-INVEST?[+231 (0) 770-468378].