The Falkland Islands Fishing Companies Association was established by the Fisheries (Conservation and Management) Ordinance 2005. The Association represents the interests of all holders of fisheries quota under the Falklands Individual Transferable Quota system (‘ITQ’). We work with our members to ensure that industry views are before Government in areas of interest to the fishing industry, participate in a number of Government and non-Government committees and jointly fund and provide resources for the advancement of knowledge regarding the fishery, including its biological, operational, environmental and economic aspects.
Falkland Islanders have been involved in the fishery from 1986 when it was established. Beginning with foreign vessels harvesting the catch, almost immediately joint ventures were formed between local and foreign companies, following practice elsewhere. Falkland Islander participation developed over many years, increasing the contribution of the fishery in terms of fees and taxation to the Government and also bringing growing economic linkage between the fishery and the Falklands economy.
In 2005 the Falklands introduced a world leading ITQ system, which almost immediately brought increased investment by local companies in vessel ownership, quota transfers (which increase the tax received by the Treasury and brings new industry entrants), development onshore and significant investment in infrastructure benefiting the entire economy. ITQ systems are used in a growing number of international fisheries, they are recognised to bring stability, better environmental management and the security essential for appropriate economic development.
Today most commercial species in the Falklands, except illex squid, are managed under the ITQ system.
The Falklands Fishing Companies Association aims to support the continued development of the Falkland’s seafood sector.