November 22, 2006

EU holds potential for Indian processed food, especially aquaculture

Developing the export potential of the primary agricultural sector was essential to the economic growth of India's vast rural population delegates at a session hosted by the Export Inspection Council of India and the Southern India Chamber of Commerce and Industry said.

The processing industry is a sunshine industry that holds great promise, said Vijay Subbiah of the M.S. Swaminathan Research Foundation.

Currently, only two percent of India's agricultural produce is processed.

Elias Sait, President of the Seafood Exporters Association of India, said aquaculture development needed to be expanded to 1.5 million hectares, while the product basket must be diversified from the current emphasis on shrimps to include more crustaceans, cephalopods and fish products.

Although small by Asian standards, the Indian food processing market is expected to receive at least US$32 million in investments by 2010.

Speakers said EU expertise in aquaculture, which is a relatively unexplored field in India, could revitalise the industry, delegates said.