Capital investment is a major challenge in attempts to boost marine product exports, said Win Kyaing, General-Secretary of Myanmar Fishery Federation (MFF).
In 2018-2018 fiscal year, the MFF’s marine product exports is expected to hit US$700 million. According to the project drafted until 2025, marine product export earnings will increase by US$ four to five billion during seven years, Win Kyaing added.
“The major challenge is capital investment. The government needs to seek ways on how to provide the sector by setting up links with banks and in order to receive loans from the government and/or oversea loans. The capital is the biggest challenge. The second challenge that is also common is pest infestation. Entrepreneurs can overcome technological barriers if the government provides them with the capital money. Export earnings may reach at least US$ three billion to five billion. Now Vietnam’s export earnings hit over US$ eight billion,” he continued.
He added that Fish and prawn market is huge and that Myanmar can export fishes and prawns at any time and place as countries like China is ready to import fishes and prawns. The country needs to set up the breeding industries systematically.
According to the Fishery Department, the export earnings amounted to US$ 482 million in 2014-2015 FY, US$ 502 million in 2015-2016 FY, US$ 652 million in 2016-2017 FY and over US$ 680 million until 18 March of 2017-2018 FY.