United Arab Emirates company plans to invest in fishing sector in Guinea Bissau

8 November 2011

Bissau, Guinea Bissau, 8 Nov – The government of Guinea Bissau is negotiating with Plambeck Emirates Global Renewable Energy LLC, a company based in the United Arab Emirates, for investments in the country’s fishing sector, according to the Portuguese News Network website.

The estimated annual investment is 200 million euros over ten years and the agreement is a result of a visit to Guinea Bissau, last May, by a delegation from the United Arab Emirates headed by Sheikh Saeed Bin Khalifa Al Nayahan.

Under the terms of the agreement due to be signed soon, Plambeck Emirates is expected to invest 70 percent of its return on fishing in the territorial waters of Guinea Bissau, mainly on the development and operation of the fishing industry, as well as on power and water supply for fishing and for Guinea Bissau in general.

According to the aims included in the agreement, the plan is to set up a modern and sustainable fishing industry including the necessary facilities which will also add to inspection of the Exclusive Economic Zone by boosting the operational capacity of Fiscap, the body responsible for watching Guinea Bissau’s territorial waters.

Negotiations with Plambeck Emirates Global Renewable Energy LLC are underway at a time when the Guinea Bissau government is due to negotiate with the European Union in Brussels, from 14 to 16 November, to sign a further fishing agreement for next year.

The EU paid at least 7 million euros in 2010 for its fishing boats to have access to Guinea Bissau’s territorial waters. (macauhub)