The fishing industry has grown to the extent that it currently is Namibia's second biggest export earner of foreign currency after mining (90% of national output is marketed for export). It is also the third largest economic sector in terms of contribution to the Gross Domestic Product (GDP) which was about 10.1per cent or N$1.477 billion for 1998.
Globally, Namibia ranks among the top ten fishing countries in terms of the value of production, and in terms of its 400 kg per capita annual production (which is set to double in 10 years), Namibia ranks second in the world.
Namibia is also the top African fisheries country by production value and exports and her estimated national fish reserves are the biggest in Southern Africa. The industry employs about 14 000 workers, of which about 43% are sea – going personnel and 57% are involved in onshore processing.
The industry involves catching, processing and marketing of fish and fish products. About 85 per cent of the fish landed is processed in Namibia and then exported.
As the government is now revising the 1992 Fisheries Act and spearheading the campaign to attract investment in the industry, it is expected that the fisheries industry will grow further in the future and its contribution to the national economy will increase, particularly in terms of investment, export growth and employment creation.