Korea invests $ 1.2 million in shrimp aquaculture sector in Sri Lanka.
The Morning: The Republic of Korea through the Food and Agriculture Organisation of the United Nations (FAO) is investing $ 1.2 million to strengthen shrimp aquaculture in Sri Lanka. The investment is part of a global project implemented by FAO in Sri Lanka with a total investment of $ 3.9 million.
Speaking at the inception of the project, Korean Ambassador to Sri Lanka Santhush Woonjin Jeong stated: “Sri Lanka is rich in human and natural resources. This project is a great collaboration of the resources of Sri Lanka and Korea that will help realise the potential of this beautiful country and achieve our common goals.”
The project is to be implemented over a three-year period to ensure effective biosecurity in shrimp aquaculture through digital technology. Through the project, FAO will build national capacity on various aspects such as health management, biosecurity, food safety, analysis of biosecurity systems, and establish robust, disease early-warning and monitoring systems that will support the sustainable development of the shrimp aquaculture sector.
Minister of Fisheries Douglas Devananda emphasised the Ministry’s commitment to strengthening the aquaculture sector in Sri Lanka and expressed his appreciation for the support extended. “Similar to other countries this industry faces many issues with diseases being the main challenge. I’m extremely grateful to the Republic of Korea and FAO for providing financial and technical support to strengthen the aquaculture sector in Sri Lanka.”
The spread of diseases continues to be a constant constraint to sustainable aquaculture development, limiting yield, reducing profit and preventing investment. Improving the biosecurity of the aquaculture sector will enable countries to grow more food efficiently, increase incomes, improve resilience, and reduce vulnerability to the impacts of higher food prices and other threats to national food security.
FAO Representative for Sri Lanka and the Maldives Vimlendra Sharan stated: “As consumers have become more environmentally conscious, the standards of the aquaculture industry has been shifting towards producing ‘smart’, ‘green’, and sustainable food products. Unfortunately, most aquaculture systems are not yet fully sustainable. Investment in innovation and technology is vital to transforming the sector. Through this project, FAO will work closely with the Ministry of Fisheries and all stakeholders to introduce sustainable new approaches to strengthen the aquaculture sector in Sri Lanka.”
The FAO leads international efforts to defeat hunger, helping countries modernise and strengthen agriculture, forestry, and fisheries practices, making them more sustainable and ensuring food security and nutrition for all. FAO focuses special attention on developing rural areas, home to the majority of the world’s poor and hungry people.
OSL take:
Sri Lanka’s fisheries and aquaculture industry is an emerging business/investment opportunity in the country. With Sri Lanka’s geographical positioning in the Indian Ocean to the many trade agreements as well as trade concessions enjoyed by the country have also helped boost the fisheries industry. It is the realization of the growth and business potential in the industry that has compelled international/multilateral financial institutions to pledge financial assistance to Sri Lanka’s fisheries industry with the aim of further developing it. Hence, there are funding components available for most projects related to the local fisheries industry. Given the growing interest in the industry and its increasing business potential, foreign businesses/investors could explore the expanding opportunities in the local fisheries industry. They could also look at the development of supplementary infrastructure facilities required by the fisheries industry. Also, foreign businesses could look at forming partnerships or joint ventures with local businesses engaged in the fisheries industry with the aim of expanding operations locally and internationally.
| Article Code : | VBS/AT/17112022/AT_2 |