Sri Lanka fisheries to receive 200 million Japanese yen grant
The Morning: The Japanese Government has agreed to provide a grant of Japanese yen (JPY) 200 million, under their economic and social development programmed towards the development of Sri Lanka’s fisheries industry.
The grant aims to empower the fisheries industry by developing freezer facilities and supplying modern equipment in a bid to add further value and uplift living standards of the fishing communities in the Northern and Eastern Provinces.
Accordingly, the grant, amounting to roughly Rs. 435 million, is expected to supply ice production machines and digital scales for the Ceylon Fisheries Harbor Corporation, fishing nets for the National Aquaculture Development Authority, and deep freezers – along with tractors installed with deep freezers – to the Department of Fisheries and Aquatic Resources.
OSL take:
Sri Lanka’s fisheries industry is yet to reach its full potential as a lucrative business/investment venture. Sri Lanka has a rich fisheries resources given that it is an island. The country’s many trade agreements as well as trade concessions have also helped boost fisheries exports as well. There are many local businesses engaged in the export of fish and fish-based products to overseas markets recording a steady growth and profits. It is a clear indication of the growing business potential in Sri Lanka’s fisheries industry. Also, many multilateral financial institutions have pledged funds to further develop Sri Lanka’s fisheries industry to reach its full potential. Given the funding availability for the development of infrastructure and supplementary infrastructure facilities required by the country’s fisheries industry, foreign businesses/investors could confidently explore the expanding opportunities in Sri Lanka’s fisheries industry. Foreign businesses could also look at forming partnerships or joint ventures with local businesses engaged in Sri Lanka’s fisheries industry with the aim of further expansion.
| Article Code : | VBS/AT/20231101/Z_2 |