March 21, 2007

Malaysia aims to double aqua production by 2010

Malaysia aims to fund a series of high-impact projects to double its production of marine products from 300,000 tonnes annually now to 660,000 tonnes by 2010, Agriculture and Agro-based Industry Minister Tan Sri Muhyiddin Mohd Yassin said Tuesday ( Mar 20).

He further added that the government would implement by June thirty-nine aquaculture industrial zone projects covering 25,000 hectares nationwide involving a total investment of RM1.6 billion (US$460.2).

The projects would include the breeding of prawns, fish, and molluscs.

Muhyiddin said the projects were also aimed at providing employment opportunities and establishing a downstream industry in the sector.

In a bid to secure investment, Malaysia has also hired a consultant company to prepare a prospectus to emphasise the potential and viability of the projects, he said.

Muhyiddin said the ministry had directed Bank Pertanian to lead manage RM1 billion (US$287.7 million) in funds from commercial banks for the private sector companies, from within and outside the country, that would participate in the projects.

Malaysia has already spent RM243 million (US$70 million) to provide infrastructure facilities to the aquaculture zones, he said.