The Andhra Pradesh state of India looks set to become a global aquaculture hub as two of Asia’s major economic powers could invest into developing its local industry.
Japan and South Korea, two formidable forces in the seafood sector, are reportedly interested in investing in Indian aquaculture, a top Commerce official said.
Speaking at the 20th India International Seafood Show, held on September 23-25, Sitaraman said the Indian government intends to increase the value addition of Indian seafood exports, which have amounted to Rs300 billion (US$4.5 billion) annually. "They (Japan and Korea) can bring the technology and best practices from the world over and implement it here in a cost-effective manner," she said.
She added that all the coastal states would each establish a coastal agency for the development of aquaculture and fishery under the leadership of the Marine Products Export Development Authority (Mpeda).
Andhra Pradesh chief minister N Chandrababu Naidu, meanwhile, said he hoped to transform his state into an aquaculture hub of the world. Andhra Pradesh accounts for 45% of India's total seafood exports. "We want to increase it to 60 to 70% in the next couple of years. We have already increased allocation for the seafood sector", he was quoted as saying in The Economic Times news report.