Caracas, October 6, 2016 (venezuelanalysis.com) – Venezuela’s Minister for Fishing and Agriculture, Angel Belisario, announced Thursday that the South American country would complete its second shipment of 880 tons of shrimp to markets in Europe and Asia this week.
The new export initiative is part of the Maduro government’s 14 “economic motors” launched by the national executive in February with the aim of diversifying the country’s heavily oil-dependent economy.
Venezuela has been hard hit by the over 60 percent fall in the price of oil since late 2014– the source of 96 percent of export earnings.
The Maduro government hopes to export 10,000 tons of shrimp by the end of the year, bringing in an estimated US$30 million. For 2017, income from shrimp exports is expected to reach US$105 million.
The venture is being promoted by mixed firms financed by private capital, with the Venezuelan state providing key infrastructure.
The executive plans to invest US $550 million in the creation of fishing and agriculture mixed firms as part of the Great Sovereign Provision Mission launched in July.
In addition to fueling the country’s export market, a portion of national shrimp production will also be distributed directly to low-income communities via the Local Production and Provision Committees (CLAPs).
According to Belisario, the government’s will hold over 1000 fish fair activities in the last quarter of 2016, where Venezuelans can purchase seafood at 40-60 percent reduced prices.