The China-U.S. trade war and China’s quest for overseas aquaculture developments are viewed as a major opportunity by an entrepreneur behind a proposed USD 25 million (EUR 22.3 million) aquaculture project in Trinidad and Tobago.
The project is being billed as the Caribbean nation’s first integrated aquaculture development, and is being led by Dave Singh, a former telecoms executive who’s enlisted several international experts to tap opportunities he sees in aquaculture, which has been in decline in recent years in Trinidad.
“The project will have its own shrimp hatchery, feed mill, grow-out ponds, processing plants, and cold storage,” Singh told SeafoodSource. “Investors will have 100 percent equity in the project until the loan is repaid within three years and, after [the] loan is repaid, the company will have a 40 percent equity.”
The lead technical driver of the project is Jorge A. Lango, an aquaculture consultant. Singh said he compiled a feasibility study and site location profile from aquaculture expert Granvil Treece, who has performed similar surveys for the Saudi government, and Lorenzo Juares, the former head of the World Aquaculture Council and former CEO of shrimp-breeding firm SIS.
At a time of high trade friction between the U.S. and China, its top tilapia supplier and a major shrimp supplier, Trinidad’s favorable tax situation in relation to the United States will be a big draw for investors, Singh said.
“With the U.S. we enjoy very low tariff entry and in some cases zero tariff,” Singh said. “The project will also enjoy zero corporation taxes for up to eight years, with zero customs duties on all imported materials not made locally.”
Weather and yields will also entice seafood producers, Singh claimed.
“With sufficient financing, this project when completed could be among the top four exporters in the Western Hemisphere. Our tropical climate is what makes the difference. We have 24 to 32 Celsius temperatures 365 days a year. This will give the company two harvests of shrimp annually, or tilapia – it is perfect for both.”
Located a 30-minute drive from highway and 90 minutes from port, the project will have access to 500 acres of state-owned land that could be leased free of charge for 25 years if the investors create employment in the area, according to Singh.
“After 25 years [of use], the land is automatically renewed for another 25 years if it was used according to the agreement between the company and the state. If the company wishes to expand, it can apply for more land,” Singh said. “It is flat land throughout with excellent sea water running the entire length.”
