The competition, which runs through 16 November 2015, is part of efforts geared towards promoting tourism.
Ousainou Senghore, director of finance and administration at GTBoard, said the fishing boat competition was introduced last year and it is part of drives to improve tourist products in The Gambia.
Speaking at the welcoming ceremony on Wednesday night at Green Mamba Garden Restaurant, Mr Senghor said the event is sponsored by the Gambia Civil Aviation Authority, Guaranty Trust Bank and others.
Fatou Bai, GTBoard’s director of investment and product development, said this year’s fishing boat competition “will be more successful” than last year’s as there are bigger prizes, and more people are expected to attend.