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Rabat – Pan Ocean Aquaculture, a company based in the Netherlands specializing in cultivating marine resources (plants and animals) for commercial purposes, is eyeing Morocco for near-term operations.
According to news reports, Pan Ocean Aquaculture hopes to make Morocco a future site for its first fully submerged fish farming venture.
Aquaculture or aquafarming refers to the cultivation of marine resources (plants and animals) for commercial purposes and supplies almost half of the global seafood market. Since the 1970s, the market has grown by a steady 8.4%.
The market is due to gain more traction in the coming years as calls for sustainable fishing could limit conventional finishing methods prevalent today.
After years of operating in China and the Netherlands, the company went from providing engineering services to developing and delivering offshore aquaculture units, a report from fishing-oriented news outlet IntraFish points out.
Incorporated in the Netherlands, Pan Ocean Aquaculture’s Moroccan team currently comprises 15 people, but the company plans to further expand its team.
To date, Morocco does not have any legal framework regulating offshore aquaculture business activities, making the task of acquiring licenses a lengthy and challenging process.
“It’s been quite a journey to get the license and it’s not over yet,” Pan Ocean Aquaculture co-founder and CEO Philip Schreven told IntraFish.
Schreven explained to the media that his company is “80% there,” noting that their Morocco venture looks “promising.”
For its North African venture, the company seeks to establish an independent unit with a market cap of nearly $120 million. The company is yet to raise funds for the project.
While the company is now in the process of constructing the first unit, official reports indicate that it’s eyeing three more future units depending on the results from the initial unit.
Read Also: Morocco, EU Team Up to Boost Moroccan Aquaculture Sector
