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Greek Fishing Industry Could Help Lift Economy

While much of the Greek economy is in the tank, the fishing industry is thriving and one of the few sectors with the power to flourish during the economic crisis, according to a report by the financial consulting firm, McKinsey, which showed that over the next 10 years revenues from the industry would increase by 184 percent, to a value of 782 million euros, or nearly $1 billion. That could reduce Greece’s $380 billion debt by  $893 million.
The research, carried out on behalf of the Hellenic Federation Enterprises (SEV,) suggested that in the same period the industry could create as many as 20,000 jobs in a shrinking economy in which nearly two million people are out of work. It also recommends greater attention to the quality of Greek fishing exports, pointing out that nearly 95% of sea bass and sea bream are exported without adequate treatment, meaning that they cannot immediately be displayed in supermarkets in the form of “ready meals.”
According to the research, introducing quality stamps could help, as well as a strategic partnership of companies in the sector allowing for a degree of vertical integration.Other obstacles of growth flagged by the research were the lack of legislation regarding the location of fish farms in Greece and the threat from Turkey’s ballooning fish industry: Turkish production of sea bass and sea bream will overtake that of Greece in the next few years.
According to McKinsey, Greece should focus its efforts on foreign exports. It should utilize business links forged in America by Greek emigrants and focus on emerging markets such as China and Japan.
(Source: ANSA)

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