This paper examines the impact of various strategies that may be adopted by coastal nations for utilization of fishery resources assigned to their jurisdiction under a system of 200-mile economic zones, such as that apparently favored at the Caracas Conference on the Law of the Sea. Benefits and problems that are likely to arise out of alternative approaches are discussed in the context of experiences of developing countries with foreign investment in other sectors. The paper suggests that various forms of joint ventures appear to have the greatest chance of success in achieving both effective utilization of resources and beneficial development of the coastal nations.