An agreement was signed between this company of billionaire Albert Kouinche and the IPA, allowing it to benefit from certain tax and customs exemptions over a period of 5 to 10 years.
The Investment Promotion Agency IPA and Fish&Co are linked. The agreement concerns a project for the production of fish and the breeding of marine and freshwater shrimp and the construction of a fish feed factory.
Under this agreement, Fish&Co will benefit from certain tax and customs exemptions for a period of 5 to 10 years, as provided for in the 2013 law (revised in 2017) on incentives for private investment in Cameroon.
In detail, the project carried by Fish&Co will be deployed on three sites. In Dibamba, in the Littoral region, it is planned to produce 5 million fry per year, to build a fish feed factory with a capacity of 12,000 tonnes, and to produce 5,000 tonnes of tilapia fish per year.
In Kribi, the seaside town in the south of the country, Fish&Co intends to raise marine and freshwater shrimp, so as to obtain an annual production of 100 tons. On the Lom Pangar dam, in the eastern region, the company aims to deploy a system for collecting fish production, in partnership with artisanal fishermen.
For it’s launch, the construction and installation of the Dibamba factory (more than 6 billion francs) with Brazilian and American partners, which should take place in the not too distant future, will enable the products to be put on the market in the first half of 2023.
The Director of IPA recalled that this project is the result of the Cameroon Investment Forum in 2019 whose theme was industrialization through import-substitution. “At the end of this forum, there was this renewed interest from investors for the development of this sector. We have started to work together for a successful outcome today,” said Marthe Angéline Mindja.
This agreement comes at a time when, according to Minepia, the demand for fishery products in our country is around 500,000 tonnes, “and we only produce about 300,000 tonnes”.
The new Fish Company Emerges in the Cameroonian Market , breaking monopoly long held by Congelcam. Congelcam has faced a number of fall backs in resent months which has caused a drop in its total income and sales. Many whole salers did not back out due to the monopolist nature of the market .
With the arrival of Fish and co , many whole salers and retailers are testing the waters and therefore having a choice to settle for the best.