Myanmar has earned US$680 million from export of fishery products over the past eight and a half months of this fiscal year, exceeding over US$200 million compared to the same period of last year, according to the Ministry of Commerce.
From October 1 to June 12 in the current 2019-2020 fiscal year, export value of fishery products reached US$683.052 million. The same period of last fiscal year saw US$581.165 million. So this year’s amount exceeded US$101.887 million.
According to the Fisheries Department, Myanmar still needs to do a lot more to compete with its neighbouring countries in exporting fisheries products including fish and prawn. The department suggests about improving farming rather than natural catching.
During the 16th meeting between Vice President (1) and local businessmen in May 2018, Htay Myint, president of Myanmar Fisheries Federation, said modern fish farms, feedstuff factories and cold storage factories would be built in cooperation with experts from Indonesia, Taiwan and China to be able to earn US$3 billion from fishery export.
In the move, the Ministry of Planning and Finance is also planning to disburse loans.
Union Minister for Agriculture, Livestock and Irrigation Dr Aung Thu said fish species and fingerlings would be distributed as the State had already allotted Ks600 million.
Under an action plan included in Covid-19 Economic Relief Plan, fish species and fingerlings worth Ks40,000 per acre will be provided to 150,000 acres of fish farms across the country.
