The Fisheries Department will establish three livestock breeding zones for the production of international-standard marine products in three townships in Yangon in 2018-2019 fiscal year, said a department official.
The department is working to develop livestock industries in Kayan, Thonegwa and Kwanchangone townships, said Tun Win Myint, director of the Fisheries Department. Some 10,000 acres of land will be developed.
“The main aim is to develop shrimp and fish farming businesses,” said the director.
The facilities will include modern packaging machines and cold storage facilities.
The projects will allow foreign investments but they may not be 100 per cent controlled by those investors, he said.
The government will allow entrepreneurs to export products without taxes, said Kyaw Win, Union Minister for Planning and Finance. He was speaking at the 11th regular meeting between Vice-President-1 Myint Swe and local entrepreneurs. The ministry planned to grant loans to livestock breeding industries, Kyaw Win added.
The country earns US$650-700 million (865.5-932.1 billion kyat) from exports of marine products every year, according to the Fisheries Department.
During the first nine months of this fiscal year, export earnings from marine products have increased by around $76 million, according to the Commerce Ministry.
Export earnings are expected to hit $1 billion, according to Yangon Region Fishery Department.
Exports volume of marine products is relatively low compared to those in neighbouring countries. In a bid to export volumes, experts have previously said that the country should turn to fish farms rather than depend on wild catches.