Fishery exports targeted over $1 bln in current FY: MFF reports

Myanmar Fisheries Federation (MFF) targets to earn over US$1 billion from fisheries exports in the current financial year started from 1 October 2020, said General Secretary U Win Kyaing from MFF.
Myanmar sends fish and fishery products to external market through air and sea routes as well as land borders.

Myanmar exported 670,000 tonnes of fishery products to 45 countries in the past FY2019-2020 ended 30 September, generating an estimated income of $850 million despite the difficulties triggered by the COVID-19 crisis. The figure reflected an increase of over $120 million registered in the FY2018-2019, MRF’s data indicated.

“We saw a remarkable increase in fishery exports last FY amid the COVID-19 impacts. MFF is endeavouring to fulfil the requirements of the market. Resources are limited for wild-caught fish exports as we look forward to long-term interest. In the farming sector, we balance between demand and supply. We will expand the market in the post-coronavirus era, and the market will undoubtedly grow. The industry also helps develop the rural community and create jobs for locals.

Additionally, government coordination and guidance play a vital role in the development of the sector. The sector also helped inject the economy of the country amid the COVID-19 impacts. So we like to request the government to prioritize the industry as well,” U Win Kyaing told MRTV in the second week of October.

Myanmar exports fishery products, such as fish, prawns, and crabs, to over 40 countries, including China, Saudi Arabia, the US, Japan, Singapore, Thailand, and countries in the European Union.

The MFF is making concerted efforts to increase fishery export earnings by developing fish farming lakes which meet international standards and adopting advanced fishing techniques.
The foreign market requires suppliers to obtain Hazard Analysis and Critical Control Points (HACCP) and Good Aquaculture Practices (GAqP) certificates to ensure food safety.

Fishery products must be sourced only from hatcheries that are compliant with GAqP to meet international market standards. The MFF is working with fish farmers, processors, and the Fisheries Department under the Ministry of Agriculture, Livestock, and Irrigation to develop the GAqP system.

Processors can screen fishery products for food safety at ISO-accredited laboratories under the Fisheries Department.

There are 480,000 acres of fish and prawn breeding farms across the country and more than 130 cold-storage facilities in Myanmar. And 28 of them have been given the green light to export to EU countries.

Myanmar exported 340,000 tonnes of fishery products worth $530 million in the 2013-2014FY, 330,000 tonnes worth $480 million in the 2014-2015FY, 360,000 tonnes worth $500 million in the 2015-2016FY, 430,000 tonnes worth $600 million in the 2016-2017FY, 560,000 tonnes worth $700 million in the 2017-2018FY, and over 580,000 tonnes in the 2018-2019FY, the Ministry of Commerce’s data showed.

The federation has requested the government to tackle problems facing the export of farm-raised fish and prawns through G2G pacts. They also want to ensure smooth freight movement between countries to bolster exports, according to the MFF.

Myanmar’s economy is more dependent on the agricultural sector to a large extent. Also, the fisheries sector contributes a lot to the national gross domestic product (GDP). More than 3.5 million people are relying on the industry. Its fishery production, including shrimps and saltwater and freshwater fish, is far better than the regional countries. If the government can boost processing technology, it will contribute to the country’s economy. Thereby it can help earn more income for those stakeholders in the supply chain, Yangon Region Fisheries Department stated.

Source : The Global New Light Of Myanmar

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

 Opportunities from COVID19

.

Looking for foreign investors to invest in your business in Myanmar