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Sri Lanka’s EDB, unis and associations join to strengthen ornamental fish industry, boost exports

Sri Lanka’s EDB, unis and associations join to strengthen ornamental fish industry, boost exports

Daily FT: A collaborative effort led by the Export Development Board (EDB) alongside Sri Lankan universities, the Tropical Ornamental Fish Association and Sri Lanka Ornamental Fish Farmers’ Association organized a one-day workshop on 11 January.
The key objective of the workshop was to help improve the export potential of ornamental fish, support grassroots development, and enhance the abilities of exporters.
The initial stage of the workshop is directed at esteemed universities such as Uwa Wellassa University in Passara, University of Ruhuna in Matara, Rajarata University in Anuradhapura, and University of Wayamba in Kurunegala.
The day-long programme has covered several essential topics, discussing selected research findings. Areas of focus include live feed production, Best Management Practices (BMPs), high-density packaging, aquatic plants, aquascaping and insights into export procedures.
Sri Lanka has gained recognition in the global market for exporting top-quality tank-bred fish and wild-caught marine species. In 2022, the Sri Lankan ornamental fish industry achieved impressive annual export revenue of $ 22 million.
While 70% of the overall production comprises freshwater fish species, there exists substantial room for further growth. Expanding production and enhancing quality standards are crucial to meet the current global market demands and standards.
The ornamental fish industry comprises various stakeholders, including fish breeders, farmers, out-growers, middlemen, collectors, and exporters from different parts of the island. However, operating within a highly unpredictable business environment poses continuous challenges.
The major hurdles often encountered involve a lack of initial knowledge, lower production quality, and insufficient fish feed supplies. Overcoming these challenges is vital, as it aims to provide the necessary support to these stakeholders, enabling them to enter and thrive in the competitive international market.

OSL take:
Sri Lanka’s fisheries industry is on an expansion path and has presented many business/investment opportunities. The country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed with other countries have also helped boost the local fisheries industry. Sri Lanka’s fisheries industry is yet to reach its full potential resulting in the opening up of many business/investment opportunities. It is in such a backdrop that Sri Lanka’s EDB is looking at further developing the country’s fisheries exports sector, especially in the field of ornamental fish exports. The ornamental fish export market is also an area that is yet to reach its full potential. With Sri Lanka’s ongoing economic activities and the target of becoming an emerging business destination in the South Asian region, there’s an overall expansion in business/investment opportunities in the country. Foreign businesses/investors could explore the expanding opportunities in Sri Lanka’s fisheries industry, especially in the ornamental fisheries sector, given the growing business potential in it. They could also look at forming partnerships or joint ventures with local businesses engaged in the fisheries industry with the aim of further expansion.

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Article Code : VBS/AT/20240205/Z_3

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