Sri Lanka to expand sea cucumber farming
The Morning: Sri Lanka is looking to significantly expand sea cucumber farming, targeting an increase in the area under cultivation to 5,000 acres, as a key part of its plan to double the foreign exchange revenue earned from the export of aquatic resources.
Speaking to The Morning Business, Ministry of Fisheries, Aquatic and Ocean Resources Secretary B.K. Kolita Kamal Jinadasa revealed that Sri Lanka was aiming to double the foreign exchange revenue generated from the export of aquatic resources from its current level of $ 300 million to $ 600 million by 2030.
“Last year, we managed to increase the revenue from the export of aquatic products to around $ 320 million, from $ 285 million the previous year. Provided that there are no further market disruptions, such as the ongoing war in Iran disrupting transport channels, we believe we can pass the $ 325 million mark this year,” he stated.
He explained that, under this plan, the ministry was targeting an increase in the area of sea cucumber cultivation to 5,000 acres. However, a key bottleneck is the sourcing of juveniles from the wild.
In order to address this issue, he said that Expressions of Interest (EOIs) for the development of hatcheries had been called and closed.
“Our target is that at least 20% of the juvenile sea cucumbers be sourced from hatcheries,” he said.
Jinadasa further revealed that the ministry was targeting the establishment of 2,000 acres of sea cucumber farms in Sri Lanka within this year, with around 1,400 acres already allocated for such farms.
He pointed out that sea cucumber represented a valuable foreign exchange earning commodity, with nearly 100% of production being exported to East Asian countries and regions such as Hong Kong, Taiwan, China, and Thailand, noting that the sector generated foreign revenue due to little to no local consumption.
OSL take:
Sri Lanka’s expanding aquatic industry is creating new business/investment opportunities for foreign businesses/investors, particularly as the country seeks to increase export earnings from fisheries and other aquatic products. The Sri Lankan Government has set an ambitious target of doubling foreign exchange revenue from aquatic exports from around $300 million to $600 million by 2030. The planned expansion of sea cucumber farming to 5,000 acres is one of the key initiatives, creating potential for foreign investment in hatcheries, aquaculture technology, feed, breeding, processing, cold-chain logistics and export-oriented production. A major opportunity lies in developing commercial hatcheries to overcome the shortage of sea cucumber juveniles, currently a constraint on expanding cultivation. Foreign companies with expertise in aquaculture technology, genetics, hatchery management and sustainable farming could therefore play an important role in scaling up production. Beyond sea cucumbers, Sri Lanka’s marine resources offer investment potential in shrimp, ornamental fish, crab, lobster and other high-value seafood, as well as processing, packaging and value-added exports. With global demand for seafood continuing to create business/investment opportunities for export-oriented producers, Sri Lanka’s relatively diverse marine resources and established international market links could provide a platform for foreign investors seeking to enter the South Asian aquatic-products market. The Sri Lankan Government’s push to raise aquatic export earnings also signals a broader shift towards attracting investment into higher-value, technology-driven and export-focused segments of the blue economy.
| Article Code : | VBS/AT/20260831Z_6 |