Vanuatu and Singapore-Based Advanced Engineering Group Signs Agreement to Jointly Invest US$150 million to Develop International Fishery Port on Santo
*PORT VILA, VANUATU / ACCESSWIRE / December 6, 2023 /* The Government of Vanuatu signed a significant landmark agreement with Advanced Engineering Group (AEG), a Singapore based Consortium, to jointly invest, develop and operate USD150 million International Fishery Port on the Island of Santo.
The signing took place in Vanuatu on the 23^rd of November 2023, six months after the MOU was signed on 31^st of May 2023 this year.
Advanced Engineering Group (AEG) Consortium, who will own 51 percent share of this joint project stated that:
Their vision for this USD150m project is to establish a comprehensive and sustainable fishery port, capable of accommodating large-scale fishing vessels and supporting a wide range of activities related to fish processing, storage, and export.
The completed port will boast modern berthing and mooring facilities for both local and international fishing vessels, as well as dedicated areas for unloading catches, fueling, maintenance, and slipways. The port will also be equipped with cutting-edge fish processing plants, complete with advanced technology for cleaning, filleting, freezing, and packaging fish. Adequate storage facilities, such as cold storage and warehousing, will be available to maintain the quality and freshness of seafood before export. In essence, the port will be designed to cater to a variety of vessel sizes, including large commercial fishing trawlers, ensuring the ability to handle and facilitate the growth of fishing operations.
In addition to these facilities, the fishery port will offer a range of ancillary services to support the industry. This includes quality control and inspection facilities, laboratories for seafood testing, a fish market for local sales, and administrative offices to facilitate customs, documentation, and regulatory processes. The port will also provide essential services such as ship chandlers, net repairs, repair workshops, ice factories, and more.
Importantly, this joint venture will adopt a sustainable strategy to build long term value by focusing on Environment, Social and Governance (ESG) during implementation so as to ensure environmental sustainability and minimize the port's ecological impact. This includes the use of eco-friendly infrastructure, waste management systems, and adherence to international environmental regulations. AEG will prioritize responsible fishing practices and collaborate with local communities to ensure the preservation of marine eco systems.
The development and operation of the international fishery port will bring significant economic and social benefits to the People of Vanuatu. This project will create employment opportunities, both directly within the port and indirectly through the growth of associated industries. It will also attract foreign investment, boost export revenues, and contribute to the economic diversification of the country. Moreover, the fishery port will solidify Vanuatu's position as a regional hub for the fishing industry, attracting international vessels and fostering collaborations.
Crucial to the planning considerations of the international fishery port in Santo, Vanuatu aims to establish a modern and sustainable infrastructure to support the economic corridor and the fishing industry in the foreseeable future. This project will not only enhance Vanuatu's economic growth and create employment opportunities but also promote responsible fishing practices and position the country as a key player in the global fishery trade.
AEG Consortium is very excited to embark on this meaningful journey together with the Vanuatu Government.
The Vanuatu Deputy Prime Minister, Honorable Matai Seremaiah urged the Vanuatu Government Officials that he want to see this project established and operational, and to work coherently with AEG Consortium to ensure that this project is successful.
The Vanuatu Deputy Prime Minister also mentioned during the Signing that this development is in line with government's policy on the economic corridor in Santo, which provides a conductive policy commitment in support of the parties' efforts.
He further expressed his appreciation to AEG Consortium for her efforts to make this MOA signing a reality and her interest in investing in Vanuatu.
*Contact:*
Naresh
naresh@aeginternational.biz
https://aeginternational.biz/
https://finance.yahoo.com/news/vanuatu-government-signs-strategic-partnership-103000969.html
*SOURCE:* Advanced Engineering Group
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