Fishermen are urging the State Government to put octopus on its investment menu, with claims the WA octopus fishing industry could reel in up to 10 times its current value. The Australian Trade and Investment Commission revealed in May WA’s octopus industry was worth around $8.3 million, with WA businesses exporting the eight-limbed delicacy to restaurants across Australia, Canada, Asia and the UK.
Octopus fishing, processing and export company Fremantle Octopus Group believes the industry could catapult and reach the same “phenomenal achievements” of the $100 million WA rock lobster industry by 2034 if there was more funding. “The (octopus) industry has clearly proven itself to be successful since being established in 2015, but in order to expand further it now needs a boost in the form of Government investment,” managing director Glenn Wheeler said. “It’s not just about the companies actively fishing for octopus; growing the sector has a range of benefits for the entire nation.
” According to Mr Wheeler, an industry expansion would lead to economic diversification, tourism, job opportunities and overseas investors. “Estimates suggest an expanded fishery could produce between $70 to $80 million in annual wholesale revenues,” he said. “With Victoria and South Australia looking at the potential of establishing their own octopus fisheries, WA has the opportunities to share lessons learned with other States.
“Overseas buyers can see the benefits and future.