February 28, 2007

China's Fujian firm to invest in Indonesian aquaculture

Fujian's Department of Foreign Trade has approved a US$8 million investment from a local company to invest in Indonesian fisheries.

The investment in Indonesian fisheries by Fujian Yuanyang Fisheries Group follows that by Fuzhou Honglong Aqua-products and Pingtan Yuanyang Fisheries last year.   

The investment will be used to fund a joint venture with a subsidiary of Indonesia's AG group to tap Indonesia's fishery resources.

The project, once completed, would be able to yield 370,000 tonnes of farmed fish annually. Most of the production would be shipped to the Chinese market.