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| Thursday, 11 December 2003 |
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Tess Agro, New Zealand venture to set up Abalone farm Tess Agro Ltd., which successfully developed an industry for the export of tuna will repeat their successful business model in aquaculture, with the highly sought after abalone. Tess Argo Limited has negotiated a joint venture with a New Zealand Company AquaSystems Ltd who has introduced and set up land based modular seafood and fish farms using re-circulation technology. The benefits of this re-circulation technology are that the difficulties and perils of working with mother nature are removed and the farms can be sure of achieving consistent stock levels all year round which meet global market demand for the end product. Aquaculture is the way of the future, Director / CEO of Tess Agro Dilshan Fernando said. "As people get affluent, they eat more seafood. Average consumption per person has almost doubled in under half a century, despite the cost of the product rising, to the point where some species are considered luxuries. It is a known fact that the ocean's stocks of natural product are declining - this fact alone makes the timing of Tess Agro Ltd., entry into Aquaculture very timely. Aquaculture production has been booming in recent years and is seen by many to be the fastest growing form of food production. Already, around half of the fresh and frozen seafood consumed by Americans is farmed with some people predicting that by 2030, aquaculture will supply most of the seafood that people eat. "Abalone is an exciting product to begin our new venture with. While natural stocks of the product continue to decline, global demand continues to grow. This gap between supply and demand provides an opportunity for the new venture to enter new markets with a premium product, commanding a premium price, particularly in Asian countries, right on Sri Lanka's doorstep," Fernando said. The New Zealand Company Aqua Systems Ltd., said that the New Zealand team are particularly looking forward to the Sri Lankan venture. While China and Taiwan produce abalone, all their product is for domestic consumption only, leaving plenty of scope for the new venture Aqua Tess Ltd., to enter the market. |
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