It has been about a decade since a policy was set for ambitious research and development in the Icelandic fisheries sector, with the establishment of the AVS Fisheries Research Fund in 2003. Since then, science and value creation in the fisheries sector have gone hand in hand to exploit untapped opportunities for land and sea.
Outcome: The utilization of catch in export products is about a quarter higher than before and more than twice as much export revenue comes into the country from each tonne of catch. This is a great achievement, which truly shows how profitable investing in research and innovation can be.
What's behind it?
Improved utilization has been achieved as a result of improved handling of raw materials and investment in improved processes, for example in transport and refrigeration. Emphasis has been placed on linking the value chain of seafood so that it is possible to provide information on the origin of raw materials and utilize the experience of previous years for continuous improvement. For this purpose, information technology is practical, for example with a new ice calculator for smartphones in the form of an app, which gives those who handle fish the opportunity to see in an instant how much cooling power is needed. The subjects have taken a toll on the environment since men and women tried to save the valuables.
Products or waste?
At the same time as every effort is made to allocate as much of each fish as possible to the production of the most valuable main product, the focus has been on what is not as valuable. 10 years ago there was talk of products and waste. If whole fish is exported from the country, products in addition to the main product will not be produced in Iceland and it is completely uncertain whether they will be produced at all. Today we see opportunities in all raw materials and produce products of the highest quality. Exports of canned liver are close to 30 million cans a year, worth about 3 billion. Dried products are the mainstay of exports to Nigeria, with a value of about 16 billion a year. The application of biotechnology has spread and the opportunities there are enormous. What used to be an emerald has become a bioactive peptide today, from valuable enzymes and skin used to the production of medicinal products. Progressive companies such as Kerecis, Zymetech and Primex have seen the light of day, to name a few, and have patiently established themselves on specific shelves.
Human resources are the most important resource
In a knowledge industry such as the production of marine products, human resources are the most important resource. Today, well-educated people are hired to work in the fishing industry and related industries, as it creates added value for the companies and local communities in which they work. Companies support and participate in doctoral studies, which bring together research institutes, companies and universities. With Matís' collaboration with the University of Iceland, including the University of Iceland on food science studies and the University of Akureyri on resource utilization and the connection between postgraduate studies and innovation in the fisheries sector, the foundations are laid for the pioneers of the future.
Whether looking at catfish, pelagic fish or other seafood, there are plenty of opportunities ahead if you play the right game. Increased product development, where emphasis will be placed on utilizing the uniqueness and wholesomeness of Icelandic seafood, is one of these opportunities. Since the establishment of the AVS Fund, the export value of Icelandic seafood has more than doubled. By taking advantage of opportunities in collaboration, one can improve, repeat the game, and evaluate the benefits by international standards.