Myanmar plans to extend saltwater shrimp breeding industry in order to boost marine export earnings of up to US$ one billion during the next two years, according to Hnin Oo, Vice-President of Myanmar Fishery Federation.
She said, “Now, the country has earned around US$700 million from exports of marine products. Myanmar Fishery Federation plans to extend saltwater shrimp breeding. Thanks to it, export earnings are expected to fetch around US$ one billion," at the Signing Ceremony on Cooperation Agreement between Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and International Finance Corporation (IFC)
Marine export earnings in neighbouring countries amounted to around US$10 billion. Like neighbouring countries, Myanmar needs to increase its marine export earnings.
“Plans are underway to expand marine product businesses in the future. Now we have to make efforts to get US$ 700 million from exports of marine products. Vietnam’s marine export earnings hit around US$ ten billion a year,” he added.
Farmers may get technology and breeding methods for saltwater shrimp breeding. The availability of capital investments is a major difficulty. It is impossible to increase marine export earnings without financial assistance, he continued.
In a bid to boost marine export volume, Myanmar needs to pay more attention to the better breeding system rather than natural fishing, according to the Fishery Department.