March 8, 2007

Malaysia hoping to attract RM1.6 billion to develop aquaculture industry

Malaysia's Agriculture and Agro-based Industry Ministry aims to draw private sector investments worth RM1.6 billion (US$460 million) for the development of its aquaculture industry under the Ninth Malaysia Plan (9MP).

Minister Tan Sri Muhyiddin Yassin said the ministry had identified 25,000 hectares of land for the purpose. However, it was estimated that at least RM250 million would needed to provide the infrastructure and various basic facilities necessary for an aquaculture industry, he said.

The he Economic Planning Unit would provide for the funds for these structures, he added.

However, the private sector would need to involved if Malaysia were to hope to double its aquaculture output from the current 350,000 tonnes a year to 600,000 tonnes annually, he said.

Consultants would be appointed to draw up plans, including the aquaculture development model, business plan, financial plan and prospectus.

Muhyiddin said investors should be in place by year-end.