Sea Resources signs joint venture with Cosmos Trawl

A Rouf Chowdhury (left), managing director of Sea Resources Ltd, and Einar Hebogård Jensen (middle), ambassador of Denmark, exchange documents after signing a tripartite deal in Dhaka yesterday. Sea Resources and Danish fishing gear company Cosmos Trawl will set up a joint venture company supported by Danida. Amanullah Chowdhury (background, second from left), joint managing director of Sea Resources, and Georg Jensen (second from right), managing director, and Lars Jensen (extreme right), deputy director of Cosmos, are also seen. Photo: Sea ResourcesStar Business Desk

Sea Resources Ltd and Danish fishing gear company Cosmos Trawl A/S have signed an agreement to set up a netloft joint venture company. The deal marks the third phase of a business-to-business project, supported by Danida.

After one-year trial partnership, the two companies will step into the joint venture, named SRL-Cosmos Trawl Ltd, according to a joint statement released yesterday.

The new company will be based at Ichhanagar/Sardarghat in Chittagong, headed by Lars Jensen of Cosmos as managing director.

A Rouf Chowdhury will be the chairman of the joint venture.

Eirikur H Sigurgeirsson, Cosmos chief technical adviser, who will be stationed in Chittagong from January 2010, will look after day-to-day affairs.

Under the deal, the construction of a new 1,500sqm netloft will start soon. "Meantime, activities will continue from Sea Resources' current operation alongside Fishers Shipyard," the statement said.

The products will range from traditional fishing gear to modern and more efficient alternatives such as Cosmos semi-pelagic trawls, high-opening bottom trawls, wide-bodied and multi-rig bottom shrimp trawls and larger mid-water trawls and multi-purpose purse seines.

The joint venture will make import substitutes and open a one-stop shop where all equipment and accessories for modern fishing will be available.

"The new netloft will be state-of-the-art, with all kinds of helping equipment, to improve working conditions and efficiency," the statement said.

"In addition, all employees will undergo training by Cosmos CTA in modern fishing gear technology, supported by a two-year net maker course developed by the International School of Commercial Fishing Gear Technology in Iceland."

This will replace fishing method with modern technology transfer.

A general consultancy service for fishing operation will also be offered to all operators, the statement added. Cosmos Trawl is part of the international Hampidjan Group.

"Once the new netloft is fully operational, the joint venture will expand production and service towards regional fishing nations to secure a new stronghold in Asia," the statement said.

Cosmos Trawl is recognised as Denmark's largest and oldest net maker company, with large production facilities in both Hirtshals and Skagen, according to the company's website.

Products by Cosmos Trawl are sold mainly in Scandinavia and the North Atlantic, but the company has clients in Asia, South America and the Far East of Russia.