February 13, 2008

Malaysia gains US$30.8 million investment for aquaculture sector

Konsortium Galdasar Sdn Bhd, a Malaysian company, and Yuh Yow Fishery Co Ltd of Taiwan, have agreed to invest RM100 million (US$30.8 million) for the construction of an integrated aquaculture project on a 800-hectares area in Tanjung Manis, Mukah, Sarawak.

The two companies sealed a memorandum of understanding at the launch of the Sarawak Corridor of Renewable Energy (SCORE) on Monday (February 11, 2008).

According to SCORE's overview book, the aquaculture industry, which has benefited from Sarawak's technological improvement, has a great potential for growth under the corridor development plan. 

It said the industry could contribute US$800 million in GDP and the current annual aquaculture production has the potential to grow from 11,548 tonnes to 300,000 tonnes.

However, opportunities in the industry are mostly unexploited but greater involvement can be expected through development of new hydropower lakes.

Industrial segments identified for development in the corridor plan include lake-based aquaculture, aquaculture activities in the Rajang River Delta and coastal areas.

The development strategy requires aquaculture investment and promotion to be focused on these three locations.

Fishing clusters in Tanjung Manis will also be developed.