Phillip Gu to invest in Sumenep fisheries industry

Foreign investors are starting to look at Sumenep Regency, East Java to invest their capital, especially in the fisheries sector. One such investor is Phillip Gu from Singapore. The founder and chief executive officer of Stemcell United Limited Seaweed Island Singapore plans to invest in lobster, sea cucumber, grouper, and seaweed cultivation.

"We are very interested in investing in Sumenep because its natural resources have great [economic] potential," said Phillip after meeting Sumenep Regent Achmad Fauzi at the latter's official residence on Jan. 20, 2025.

He explained that the purpose of the investment is to optimize the use of local potential to the maximum, while providing a positive impact on the economic conditions of Sumenep's people in a sustainable manner.

"We hope this can support regional economic growth and improve community welfare," Philip explained.

He added that Sumenep Regency will later be used as a pilot project for the development of fisheries cultivation, from lobster, sea cucumber, grouper, to seaweed.

"We are not only targeting profit. The cultivation will also apply Blue Economy technology by paying attention to the sustainability of the marine ecosystem, including the management of fishery hatchlings," Phillip explained..

He was interested in investing in Sumenep Regency because of the positive response from the local government and the people of Sumenep Regency who strongly supported the plan.