Angola Faces Annual Loss of USD 500 Million Due to Illegal Fishing

Luanda: Angola incurs an annual loss of USD 500 million due to illegal fishing activities and inefficiencies in the administrative processes of its fishing sector, stated Minister of Fisheries and Marine Resources, Carmen do Sacramento Neto, during an event in Luanda. According to Angola Press News Agency, Neto addressed these issues at the 5th Blue Economy Conference, organized by Economia e Mercado magazine. She highlighted illegal fishing as a major obstacle that needs to be addressed to position Angola as a leading maritime power in the region. The losses, she explained, permeate the entire value chain, not just the fishing activities themselves. In addition to illegal fishing, Neto pointed out other challenges such as the inadequate contribution of coastal tourism to the economy and the necessity for increased investment in modern infrastructure for processing, conservation, and marketing. She also stressed the importance of streamlining certain administrative procedures to enhance sector efficiency. Despite these hurdles, Neto reported a 9 percent growth in fishing production for 2023, with a total output of 521,379 tons. The preliminary figures for 2024 indicate a further increase, projecting around 540,000 tons. Neto underscored the critical need for investment in training human capital and the implementation of sustainable governance policies. These measures are vital for the development of the maritime sector, diversification of the national economy, and reduction of Angola's dependency on oil. The 5th Blue Economy Conference aims to strategize on financing and enhancing Angola's sea cluster. The event gathers representatives from various organizations, including the Fund to Support the Development of Industry, Research, and Aquaculture; Grupo AA; the Credit Guarantee Fund (FGC); and the Office of Studies and Planning of Secil Marítima.