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Budget 2016–2017 Highlights: Giving a boost to the Blue Economy

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04Aug

Budget 2016–2017 Highlights: Giving a boost to the Blue Economy

The Budget 2016-2017 makes provision for several initiatives in favour of the blue economy and which comprise aquaculture development and incentives for the setting up of common facilities on land for aquaculture and fish processing.

Two studies are being concluded with regard to generating electricity through ocean waves and offshore wind. A Memorandum of Understanding will be signed with the National Institute of Oceanography, Goa for the setting up of a world class Research Institute of Oceanography in Mauritius.

As regards the fisheries sector, a total of Rs 20 million has been earmarked for the acquisition of a multi-purpose vessel which will be used for research, surveys and training of fishermen and skippers. This measure is in line with Government’s objective to promote outer-reef and bank fishing.

A grant of 50 percent, up to a maximum of Rs 4 million, will be made available to cooperative societies to acquire semi-industrial vessels. Provision is also being made for Rs 12.5 million to finance the purchase of 10 floating cage structures to Fishermen Cooperatives to promote small-scale aquaculture. In a bid to provide shelter for approximately 120 fishing vessels the Mauritius Ports Authority will undertake the construction of breakwaters at Fort William.

A new incentive scheme comprising an 8-year tax holiday will be offered to attract industrial fishing companies to operate from Mauritius and contribute to the development of our seafood hub. To address the human resources constraint, the Mauritius Maritime Training Academy will increase its intake by 50 percent to bring it to 1,200 trainees annually.

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