November 19, 2011

Malaysian 2011 seafood exports to reach US$949 million

The Ministry of Agriculture and Agro-based Industry in Malaysiaanticipates the2011 total seafood export to rise to MYR3 billion (US$949.52 million) from MYR2.5 billion (US$790.5 million) last year amidpositive prospects in the sector.

"Malaysia has the potential to expand its world market share in this industry as Malaysian seafood products are well accepted in more than 45 countries worldwide," said its Minister Datuk Seri Noh Omar.
 

He said the government has identified aquaculture as one of the main thrust areas under its Economic Transformation Programme, with three entry point projects under the National Key Economic Area related to aquaculture.

"Firstly, emphasis is given by the government to the development of the seaweed industry, and 12 companies have made a total investment of MYR24 million (US$7.59 million) to produce more than 16,000 tonnes annually worth MYR66 million(US$20.87 million)," he added.

Noh said two companies have invested a total of MYR119.9 million(US$37.91 million) in integrated cage aquaculture to produce more than 15,000 tonnes of tilapia and marine finfish a year valued at MYR286 million(US$90.43 million).

He added six companies also invested MYR473 million (US$149.57 million)in integrated shrimp farming and are producing 39,000 tonnes of shrimp and shrimp products annually valued at MYR575 million(US$181.82 million).

These investments, he said, will attract more local and foreign companies to join the industry, which generates some MYR5 billion (US$1.58billion)worth of fish and fish products annually.