US$15M tuna plant commissioned
Prime Minister, Moses Nagamootoo
Prime Minister, Moses Nagamootoo

PRITIPAUL Singh Investments Inc. (PSI) will, within the next five years, invest US$15M in its Atlantic Tuna Plant, launched on Saturday at its Providence, East Bank Demerara location.PSI Chief Executive Officer (CEO) Pritipaul Singh explained at the launching that the idea to venture into tuna production was a reaction to a highly competitive and hostile business environment. He added that the tuna business is at its early stage, and therefore needs all assistance from all sources.

“To reach an entrepreneurial stage, it takes many years. Likewise, our tuna business is in the beginning stage; so it is a baby, and we need the support from all areas where we can develop into a way where we can be successful,” Singh said.

He detailed that the business is expected to provide employment for about 1500 persons, with over 5000 persons benefiting indirectly.

He noted that PSI contributes significantly to the taxes collected by Government; and in this regard, he is encouraging the Government to provide the necessary concessions to ensure the business can continue to function at a rapid pace.

While the industry is expecting future challenges, it hopes to continue to receive support from the Government, the CEO said.

Also addressing the launch, Prime Minister Moses Nagamootoo expressed delight over the new industry. He explained that he came out of a fishing family, where his brothers and father would take to catching fish at sea, while he would sell the produce with his mother. He added that the business can be a challenging one.

The Prime Minister also said the fishing industry is a somewhat risky business, but it is also a profitable enterprise.

He said that Government fully supports the fishing industry, especially with its new addition of a tuna plant.

SHARE THIS ARTICLE :
Facebook
Twitter
WhatsApp

Leave a Comment

Your email address will not be published. Required fields are marked *

All our printed editions are available online
emblem3
Subscribe to the Guyana Chronicle.
Sign up to receive news and updates.
We respect your privacy.