FAO and Norad to support development of Sri Lanka’s fisheries and aquaculture sector - Opportunity Sri Lanka
FAO and Norad to support development of Sri Lanka’s fisheries and aquaculture sector

FAO and Norad to support development of Sri Lanka’s fisheries and aquaculture sector

Sri Lanka’s fisheries and aquaculture sector is to receive technical support required for further development from the Food and Agriculture Organisation of the United Nations (FAO) with financial assistance from the Norwegian Agency for Development Cooperation (Norad).
The FAO-Norad global collaboration is to work with Sri Lanka’s Fisheries Ministry on three focus areas; develop capacities to implement robust Port State Measures to combat Illegal, Unreported and Unregulated Fishing (IUU), increase resilience of the fisheries and aquaculture sector to climate change, and reduce food loss and waste along the fisheries value chain in Sri Lanka.
Norwegian Ambassador to Sri Lanka and the Maldives Trine Jøranli Eskedal has been quoted as saying, “Fisheries remains one of the most important sectors for bilateral relations between Sri Lanka and Norway, and I firmly believe this new collaboration will add value to Norway’s long standing cooperation with Sri Lanka and the FAO. Fisheries and aquaculture contribute immensely to food security, livelihoods and economic development.
“Therefore, it is crucial to protect fisheries and the abundant resources of this country. We are very keen to establish secure and sustainable fisheries ecosystems and increase capacity for sustainable production. This new project aims to safeguard the fisheries and aquaculture resources in Sri Lanka which is timely and important.”
Sri Lanka and the Maldives FAO Representative Vimlendra Sharan has reportedly highlighted that fishers who were struggling to keep their livelihoods afloat amidst numerous challenges such as climate variabilities, and most recently the COVID-19 pandemic, now see their profession rocked by the impacts of the economic crisis.
“FAO works to increase the resilience of people and their livelihoods in the face of threats and crises. To weather these difficult times and enable the long-term continuity of the fisheries and aquaculture sector, it is imperative to build institutional capacities that protect small-scale fishers who play a big role in feeding their families and the nation,” Sharan has been quoted in the local media.
Secretary to Sri Lanka’s Fisheries Ministry, R.M.I. Rathnayake and representatives from fisheries-related institutions, private sector and academia had participated at the inception meeting of the FAO-Norway project.

OSL take:

Sri Lanka’s fisheries industry is an emerging business/investment opportunity in the country. International agencies have expressed interest in supporting the fisheries industry due to the growth potential in the industry. Given the ongoing developments in the sector and financial assistance received by international agencies, foreign businesses/investors could explore the growing opportunities in Sri Lanka’s fisheries industry. Foreign businesses could look at also forming partnerships or joint ventures with local businesses to expand operations in the country’s fisheries industry. Also, the country’s fisheries industry has also received a boost from the many trade agreements as well as trade concessions enjoyed by Sri Lanka. Foreign businesses who engage in Sri Lanka’s fisheries industry could also use the benefits of the trade agreements enjoyed by the country.

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Article Code : VBS/AT/08062022/Z_3

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