Till August 30 of 2018-2019 fiscal year, export earnings from marine products reached 674.048 million US dollars, up 25.427 million US dollars compared with 648.621 million US dollars last year, according to the figures released by the Ministry of Commerce.

Myanmar’s marine export volume is relatively low, compared with neighbouring countries. In a bid to promote the marine exports, this sector should pay more attention to the better fish farming system rather than the natural fishing, according to the Fishery Department.

At the 16th regular meeting between the Vice-President-1 and local entrepreneurs in May, last year, Htay Myint, President of Myanmar Fishery Federation (MFF) submitted a plan to build modern fish breeding lakes, fish feed factories, cold storage factories and value-added processing factories, in cooperation with experts from Indonesia, Taiwan and China, in order to produce the marine products worth up to three billion US dollars. The project can employ around 100,000 jobs for locals.

Ministry of Planning and Finance has a plan to grant loans to the entrepreneurs as they are in need of fish and prawn seeds, land and SME loans for faming.