Balancing local ownership with foreign investment in a small island fishery

The Falkland Islands Government has established a transferable rights management regime for its fisheries resources. The allocation of transferable rights has to be sensitive to economic and social considerations specific to the Falkland Islands. One critical requirement is the need to balance local ownership and control with the need for direct foreign investment and the continued involvement of foreign fishing fleets in the territory's fisheries. Several mechanisms to achieve this balance are contained in recent fisheries legislation. These mechanisms will be of interest to other small island territories facing similar challenges in their commercial fisheries.