Marine export earnings increase by 34 million dollars

Marine export earnings increase by 34 million dollars
Published 8 January 2020

 

During three months of this fiscal year, the marine export earnings exceeded 250 million US dollars, up over 34 million US dollars compared with the same period last year, according to the Commerce Ministry. 

Till December 27 of this FY, the total marine export earnings hit 252.948 million US dollars, up 23.720 million US dollars compared with the last years’ figure of 218.228 million US dollars.

According to the Fishery Department, Myanmar’s marine exports are relatively low compared with those in neighbouring countries. In a bid to increase the marine export volume, the fishery sector should place more emphasis on a better breeding system rather than natural fishing. 

At the 16th regular meeting between the Vice-President-1 and local entrepreneurs in May 2018, U Htay Myint, Chair of Myanmar Fishery Federation said in order to produce the fish products worth up to three billion US dollars, Myanmar would build modern fishing lakes, fish feed factories, cold storage factories and value-added processing plants, in cooperation with experts from Indonesia, Taiwan, and China. 

The project can employ around 100,000 people in Myanmar. 

As entrepreneurs are in need of fish and prawn strains, land and SME loans, the Ministry of Planning and Finance has a plan to grant loans for the project.