Hoping to help boost capacity of its aquaculture investments and seafood processing standards, local seafood company Pritipaul Singh Investments (PSI) is seeking to tap into India’s vast knowledge in the area and has begun discussions on collaborative efforts.
A visit by India’s High Commissioner Dr K J Srinivas to the company’s operations yesterday facilitated discussion with Chief Executive Officer of the Company Pritipaul Singh Snr on possible areas of collaborations.
Discussions were centered on knowledge sharing, research, and best practices in the industry and being able to have the right experts on hand to assist with food production and processing.
“We are in discussions to secure assistance for food technologist, support for new ventures. We hope to involve people who can educate us and be with us as we aim to remain on top…We have initiated discussions and going forward we are looking at a positive direction…,” Singh Snr remarked before stating that he hopes to see results by the end of this year.
Singh Snr explained that with Guyana having the potential to become an aquaculture powerhouse in the near future, he believes the knowledge of Indian experts in the field can accelerate the development of the sector.
He pointed out the need for a laboratory to be set up to look at the stocks in the fisheries sector. He also said that such a facility can benefit from the knowledge of India’s scientists and can aid in the development of the industry. He said, too, that there is need for expertise in fingerling and feed production.
Singh Snr related that Indian scientists and experts can help to educate aqua-culture farmers on the mechanisms for such an industry and share information that will lead to informed decisions.
The owner of the seafood processing plant explained that another area in which the experts in the industry can work is by advising young aquaculture farmers. “[They can advise on] what are basic requirements for an individual when they start off and if they take an opportunity they won’t fail.”
Having done business with aquaculture farmers in India, Singh Snr stressed that the experts can contribute positively to Guyana since the country possesses enough resources for a striving industry.
At the conclusion of the construction for the US$75 million seafood processing state-of-the-art facility at Providence, East Bank Demerara, Srinivas said that having understood and heard what is needed, through bilateral communication, the High Commission will be able to direct the company to the right people in the sector.
According to High Commissioner Srinivas, his country has been constantly engaging the private sector and looking at ways and means of establishing partnerships.
He said that his office will be working to put PSI in touch with the people who can share their technical expertise and knowledge to aid the fish processing company to be more efficient and keep up with market demands.
Srinivas pointed out, too, that through his office, he is also facilitating talks with experts in the field and the Government of Guyana, through the Ministry of Agriculture.
High Commissioner Srinivas also explained that the COVID-19 pandemic has created new challenges, among which are the restrictions on travelling. He opined that while talks and engagements are being done virtually, he believes discussions can be more fruitful when persons are on the ground. However, he signalled that he intends to ensure that there are successful engagements.
President Irfaan Ali, while touring the PSI’s facility earlier this year, had also announced that his government is working to formulate an aquaculture master plan which will form part of the country’s agriculture diversification programme.
“So the plan is to build up aquaculture to increase our production, to increase volume, reduce cost … of course in another three years our energy costs will come down. But we are also looking at value-added in the protein plant from natural gas to see how that can also support not only the livestock industry but the aquaculture industry,” he stated during the visit.
On schedule
Singh Snr yesterday disclosed that the construction is almost 50 per cent completed and while they have faced unforeseeable challenges, they remain on schedule.
The construction phase of the plant, which will quadruple production and capacity, is expected to be completed by next year. The company is aiming to complete the decommissioning phase of its McDoom facility by August next year and the commissioning of the new facility by November of 2022.
He stated that while his processing plant is currently shipping raw products out of the country to markets across the world, it is his vision and plan that the new plant will be engaged in pre-cooked products with which he hopes to enter into the US market.
“…we have to consolidate Pritipaul Singh Investments; we are moving our operations as we have two locations. Instead of having two locations we are consolidating the business. Because what is happening in the world environment, because of economic situation, and to become more profitable it is wiser to consolidate the business and maximise our efficiency,” he had said back in January during the president’s visit.
Meanwhile Singh Snr stressed that while he is aiming to improve the image and capabilities of his company, Guyanese must also benefit from it. He assured that despite modernizing and mechanizing the processing plant, jobs will not be lost. He proudly informed that more jobs will be created as the company is moving towards expansion.
He also said small fishermen will continue to be a part of the company’s supply chain and will support the company’s fleet of vessels. This system in place, he explained, helps to meet demand and allows the company to remain efficient.
Moreover, while the company’s exports generates close to US$30 million per year in revenues during the pre-pandemic era, they have noticed a 40% reduction in exports.
“…due to COVID-19, the company’s revenues reduced significantly with tremendous losses in its performance in 2020,” the company disclosed, however, during the first half of 2021, exports have increased, signalling a positive and promising turn around for the company.
PSI also informed that it has been able to ship approximately 7 million pounds of products to its markets. On average the company exports 15 million pounds of fish and shrimp products to countries in North America, Europe and the Caribbean annually.
Their main markets include, Antigua, Canada, France, Jamaica, Martinique, Netherlands, Trinidad and Tobago, and USA.
