Moroccan fishery sector brings home $500 million in hard currency

The Moroccan fishery sector's share of hard currency remittances totals $500 million, accounting for 15% of the country's hard currency revenues and 50% of food products exports.

The Moroccan fleet comprises 446 high-sea fishing boats, 226 coastal fishing units and 12,000 traditional boats.

A total of 477 European ships, mostly Spanish ones, left Moroccan waters at the end of last November after Morocco refused to renew a fishing agreement with the EU and asked for other forms of cooperation rather than direct exploitation.

The Moroccan government said it intends to invest a budget of $700 million, including 70% of private capital, part of the 1999-2003 development plan.