April 17, 2018

Myanmar fishery exports at 20-year high

Myanmar has reached a milestone in fisheries trade when its exports of over 560,000 tonnes of fishery products worth $711 million in fiscal year 2017-18 were the highest in 20 years.

The value could more than double to $2 billion-$3 billion within the next two years, if the right technology, resources and equipment are used, said U Htay Myint, chair of the Myanmar Fishery Federation, according to the Myanmar Times. These resources and equipment would include ponds for aquaculture, processing factories and cold storage facilities.

In 2016-17, the country exported over 430,000 tonnes of fishery products worth $600 million overseas, according to the Ministry of Agriculture, Livestock and Irrigation (MOALI).

Htay Myint said the Ministry of Planning and Finance has agreed to provide funds of up to 100 billion Burmese kyat (US$75.59 million) to develop the supply chain and modernise the aquaculture process.

Due to overfishing and pollution, MOALI earlier this year launched dialogues for the drafting a National Aquaculture Development Plan to preserve the country's fish supplies.

The plan will include strategies to leverage on Myanmar's 3,000-mile coastline and large estuarine delta systems to develop its aquaculture industry.

The government has extended loans to small and medium fishery enterprises. Specifically, the Yangon regional government is cooperating with local businesses to build fishery breeding zones in Kayan, Thone Gwa and Kyauk Tan townships in Yangon Region, according to the Myanmar Fishery Federation.

Myanmar fishery products are mainly exported to China, Thailand, Singapore, Malaysia and some European countries.