Morocco has lost $3.5 billion and 60,000 jobs because of fishing agreements with the EU

Morocco has lost since the first fishing agreement with the European Union in 1988 $3.5 billion and over 60,000 jobs, said Moroccan Fisheries Minister Thami El Khyari in Rabat Wednesday.

El Khyari said at a press conference a development plan devised by his department will make up for these losses by regaining the control over fisheries following the expiry of the fishing agreements with the EU and Russia. He went on that the country has received several investment offers from Europeans and non-Europeans which are interest in ship-building, processing sea products, industries of fish equipment, marketing and other fields.

According to the Fisheries Ministry's forecasts, investments in the sector will reach $770 million in the 1999-2003 plan, including 70% from the private sector. The sector is also expected to post by 2003, $1.3 billion in value-added and an annual average growth rate of 11%. Total production will reach 1.5 million tons, set to increase by 70% local fish consumption which would go from 7 to 12 kg by person.