Sri Lankan Government steps up efforts to boost fisheries exports and forex
The Morning: Sri Lanka has increased its annual fish export revenue from $ 285 million to $ 315 million, with the Government targeting $ 600 million in export earnings by 2030, Fisheries, Aquatic and Ocean Resources Minister Ramalingam Chandrasekar said.
Addressing a Parliamentary debate on developments in the country’s export sector on 3 October, the minister said the fisheries sector was being given special attention as part of the Government’s efforts to strengthen exports and increase foreign exchange earnings.
He said the country had earned Rs 68.889 billion (Rs 6,888.9 crore) through fish exports over the past two years, adding that the Government was implementing several programmes to improve production capacity, make better use of available marine resources and expand export markets.
With the National People’s Power (NPP) Government approaching its second anniversary in office, significant steps had been taken to rebuild the economy and improve the country’s export performance, he said.
“The export sector is crucial to determining the country’s economic future and the living standards of its 22 million people,” the minister said.
He added that increasing fish export earnings while improving the livelihoods of fishing communities remained a key Government priority. Better utilisation of fisheries resources and increased productivity would contribute both to national economic growth and higher incomes for fishing families.
Responding to criticism from the Opposition over the country’s economic progress, Chandrasekar said those criticising the current administration should also remember the damage caused by corruption, fraud and abuse of power under previous administrations.
He said the Government’s objective was to overcome the shortcomings of the past and place all sectors of the economy on a positive growth trajectory.
OSL take:
Sri Lanka’s fisheries industry is emerging as a promising investment destination, with the Sri Lankan Government targeting an increase in annual fish export earnings from US$315 million to US$600 million by 2030, opening opportunities for foreign businesses/investors across seafood processing, aquaculture, technology and export logistics. According to Fisheries, Aquatic and Ocean Resources Minister Chandrasekar, the country has increased annual fish export revenue from US$285 million to US$315 million. The Sri Lankan Government is now implementing programmes to expand production capacity, improve utilisation of marine resources and diversify export markets. For foreign businesses/investors, seafood processing and value addition present significant opportunities. Investments in modern facilities for processing, freezing, packaging and canning tuna, prawns, crabs and other seafood could help Sri Lanka move beyond raw seafood exports towards higher-value products for international markets. Aquaculture is another area with considerable potential, particularly in commercial shrimp farming, fish hatcheries, breeding technology, aquaculture feed production and sustainable farming systems. Foreign expertise and technology could help improve productivity, quality and consistency of supply. Business/investment opportunities also extend to cold-chain infrastructure, including refrigerated storage, temperature-controlled transportation, modern fish landing facilities and automated processing systems. Such investments would help reduce post-harvest losses and ensure compliance with international food safety and quality standards. Technology partnerships in deep-sea fishing, seafood traceability and sustainable fishing practices could further strengthen the industry’s competitiveness. With its extensive maritime resources, strategic Indian Ocean location and established seafood export base, Sri Lanka offers foreign businesses/investors opportunities to develop export-oriented ventures and partnerships with local companies.
| Article Code : | VBS/AT/20261109Z_1 |