Madagascar draws up new fishing policyBy RIVONALA RAZAFISON in Antananarivo | Monday, June 11  2012 at  13:18

Madagascar has approved a new fishing policy drafted with the support of its largest export market, the European Union.

The national strategy was approved last Wednesday. Fishing, together with mining and tourism, anchor the struggling Malagasy economy.

The country's Fishing and Marine Resources and the Indian Ocean Commission drafted the policy over three months.

The initiative is framed within the IOC SmartFish programme funded by the EU and planned for 18 countries in Africa and elsewhere.

The industry has the potential to generate $151 million annually if well regulated.

A study done last year shows that bad governance in fishing led to overexploitation imperilling available stocks.

The EU concluded its first fishing agreement with the vast Indian Ocean island in 1986.

In 2009, the Indian Ocean island hauled in 134,600 tonnes of catch, against 133,700 tonnes three years ago.
Of these, 90 per cent was exported to Europe.