In spite of Mauritanian efforts to improve hygiene infrastructure and controls, there are still many obstacles to be overcome in order to have more joint ventures and collaboration between EU and Mauritanian operators, according to the Spanish Federation of Fisheries Organisations (FEOPE).
However, FEOPE said in a press release, a meeting, from 10-14 February, with Mauritania, organised by the Association of National Organizations of Fisheries Companies in the European Union (EUROPÊCHE), had been "a step forward" in collaboration between the EU and Mauritania.
Javier Garat, of FEOPE, seemed satisfied by the outcome of the meeting and explained that "in spite of all the problems that persist, some Spanish and European businessmen are already investing in Mauritania".
However, he added, "It is clear that the Mauritanian government as well as the EU have to go on making great efforts to improve the situation."
Sustainable fishing
FEOPE's press statement said several companies, both vessel owners and large onshore investors, are about to close deals there.
FEOPE considers that one of the most important problems that has to be solved by Mauritania's government is the establishment of a sustainable fishing policy that allows for better scientific knowledge of the resources, good management and an increase in the value of the fisheries product.
Cutting net tape
Spanish fishery companies are also asking that the Mauritanian investment code be made more flexible.
At the moment, it requires that the Mauritanian partner in any joint venture retains a controlling 51 per cent of the capital in marine investments.
Spanish businessmen, FEOPE's statement said, consider it is necessary "to look for new financial support formulae for the constitution of joint ventures, since the aid under the Financial Instrument for Fisheries Guidance (FIFG) will cease from 31 December 2004."
In addition, they insist that specific policies have to be put on te table.
This approach would take into account mechanisms to help Spanish investments and would take advantage from the mechanisms already in place, such as the European Investment Bank, the Business Development Centre and the ProEInvest programmes.
There is an overall issue facing projects with developing countries because of foreign exchange controls. The existing scenario of monopoly control over trade, currency repatriation problems, high interest rates and the lack of long-term credits, are just a few of the problems which Spanish investors have to face. They will want to see these issues tackled before they commit to any investments in the short-term, FEOPE said.
