A planned fish processing plant will only be viable if commercial fishermen get on-board and support the initiative, it has been claimed.

The Government unveiled plans for a fisheries development centre as part of its Economic Recovery Plan in March 2021, saying that it could be “the catalyst that transforms the island’s artisanal commercial fishing industry to the next level”.

A statement on the Government’s ERP website page declared: “Commercial fishing is one of the oldest industries in Bermuda and continues to be an essential part of Bermuda’s culture. However, its contribution to the economy has yet to grow proportionally to Bermuda’s population size or economic growth.”

The latest update on the page, dated November 21, 2023, states: “This initiative, incorporated into the Blue Economy Strategy, will determine the viability of a processing facility. As a result, there will be no further specific updates to this project.”

Yesterday, a government spokesman confirmed that the plan was still on the drawing board almost three years after it was first touted.

The spokesman added that research by the Bermuda Economic Development Corporation had shown that the scheme had “the potential to be successfully viable” but was “dependent on significant drivers to deliver an acceptable internal rate of return”.

He said: “These are related to a number of fishermen contributing catch consistently, market demand assumptions, payments to fishermen, lined average yield, sales split, sale of non-lined fish parts and pricing.

“The projections are highly sensitive to any variability in these assumptions. The solidified commitment of top pelagic fishers to provide their catch to the co-operative is critical to the viability and success of the FDC.”

The spokesman said that the BEDC had recommended that the Government worked with fishermen to establish a co-operative and business aspects of the plan.

The BEDC presented its findings to Cabinet in May 2023. Asked why progress on the project appeared to be floundering, the spokesman said: “Consultation took place in 2021, and in 2022, a feasibility plan was commissioned to review a draft business model, financial considerations, economic impact and market strategy.

“The report was completed early in 2023. Consideration of the report concluded that viability was dependent on collaboration with fishers.

“However, separate developments related to the Bermuda Ocean Prosperity Project initiative resulted in a need to revisit proposals, which remain under consideration.

“The Government remains committed to investing in the blue economy through the development of a facility to process fish caught in Bermuda.”

Fishermen have been involved in a long-running dispute with the Government over plans to impose a ban on fishing in 20 per cent of the island’s waters.

The Fishermen’s Association of Bermuda said that the proposal had been “baked into the BOPP with no public or stakeholder consultation”.