Pritipaul Singh takes plunge with Guyana’s first ever tuna plant

Oct 30, 2016 News

–to plug another US$50M over next five years

Over the last decade and a half, the East Bank Demerara has become home to one company that has aggressively fished its way to the top of the industry.

Businessman Pritipaul Singh (r) with son, Pritipaul ‘Sachin’ Singh Jr.

Today with over 1,500 workers and more than US$100M in investments between Providence and McDoom complexes, Pritipaul Singh Investment Inc. (PSI Inc.) has become the biggest regional player in the fishing sector.
Two Saturdays ago, the company launched a tuna plant and announced plans to plug another US$50M in investments within the next five years. The plant would be the first of its kind in the region. Tuna is a delicacy in hot demand across the globe.
Present at the event were Prime Minister, Moses Nagamootoo, former Prime Minister, Samuel Hinds, several Government officials and US Ambassador Perry Holloway, among others.
According to PSI’s Chief Executive Officer, Pritipaul Singh, the commissioning of the tuna plant in October, which has been designated Agriculture Month, would be a high point in his company’s climb, and one that has been filled with challenges.
The businessman said that the business world has evolved into a world of “daunting challenges, competitiveness and hostile environment” but the company remains confident of its future.
Over the years, the company has been able to receive its international certification of food safety, which has allowed it to access its overseas market with ease.
“Today’s fulfillment has been yet another phase of the continuing journey as a businessman. It has never been an easy journey. I think so, too, with life as a whole, but with courage, imagination, bold initiative and scientific decision making, I do consider this business journey with all its challenges as a rewarding one.”

The tuna plant at Providence.

The businessman, a father of four, was not shy in talking about his humble background.
Humble Beginnings
From a single parent home, Singh recalled spending most of his time with his mother at her Bourda Market greens stand– bathing, sleeping, eating and even dressing for school from the little stall.
Upon the completion of high school, at the Richard Ishmael Secondary School, Singh entered teaching and pursued his studies for Advance Levels of G.C.E.
But he was not enamoured with the “quick cents from the market daily sales”.
As a matter of fact, “I never had the patience to wait for the monthly dollars, so I decided to start a business – following in my mom’s footstep.”
He followed a trader to Trinidad and Barbados taking seafood in suitcases from Guyana and bringing back apples and grapes.
Singh saw the potential of the Bajan market and began to purchase prawns, freezing it and exporting to Barbados.
“Saving my hard earned dollars (from my cents and pennies investment) a few years later, I seized the opportunity of purchasing a small sawmill on the East Bank Demerara…”

Tuna arriving from one of the vessels at the Providence facilities.

The businessman expanded his holdings from the Friendship sawmill to a fuel station not far away. He also bought a trawler. That one trawler expanded to 14.
In September 1999, an opportunity arose that would dramatically change the fortunes of the gritty entrepreneur- he was able to purchase the McDoom processing plant from the Government of Guyana.
This led to PSI being born with the businessman now boasting that it has evolved into the largest seafood business in Guyana, Caribbean and Latin America. The operations are among some of the most modern, technologically wise, in the world.
During the launching of the tuna plant, Singh also appealed for upgrades to the country’s Customs laws.
The businessman noted that his operations at Providence and McDoom provides employment for over 1500 workers and contributes hundreds of millions of dollars in taxes, and with over
5000 households and small businesses that benefit.
“There is no way it should be considered less than highly significant towards the national contribution.”
Singh also paid tribute to Agriculture Minister, Noel Holder; Chief Fisheries Officer, Denzel Roberts, the Fisheries Department, and Government for granting permission to conduct long line fishing.
“We are the first company to venture into this type of fishing in Guyana.”
PSI, he announced, remains confident in Guyana and is planning to plug US$50M in tuna boats and improving his processing facility within the next five years.
PSI has received guidance from Trinidad and the US, where the bulk of the company’s fresh fish market is.
The businessman was also in high praise of his eldest son, Pritipaul ‘Sachin’ Singh Jnr, 23, – who he said, as Managing Director, was highly instrumental in making the expansion possible.
According to former Prime Minister Hinds, Singh could be likened to other entrepreneurs who have made it big, including Dr. Yesu Persaud.
According to the Prime Minister Nagamootoo, he too came from a fishing family and it is not easy business.
He acknowledged that there is need for a level playing field for locals businesses and regardless of the administration in place, should remain a matter of course.
The PM noted that tuna is exciting and new area which will open new challenges. There is a market for even canned tuna in Guyana, he urged. He highlighted places like the army and mining camps.
The overseas market for tuna, he said, is a dedicated one with the hurdles not insurmountable.
There is a need for all stakeholders to become partners.