Aquaculture for all

National Plan Will Double Industry Output

Economics Politics +2 more

MALAYSIA - If the new national aquaculture plan moves ahead, the industry expects ot reach annual revenue of 20 billion ringgits (MYR).

The aquaculture industry will be able to reach up to MYR 20 billion revenue if the National Aquaculture Development Plan can move forward in the near term, Deputy Prime Minister Tan Sri Muhyiddin Yassin said today.

"For example, MYR 20 billion revenue (can be derived) from the present MYR8 billion revenue. That is more than a two-fold increase if the National Aquaculture Development Plan can move on the ground," he told about 400 business and political leaders at the Ninth Annual Forbes Global CEO Conference in Kuala Lumpur, reports Bernama.

According to Mr Muhyiddin, there is much potential in aquaculture, a sub-sector of agriculture, as the country is surrounded by water.

"If we can go on a greater scale with existing technologies that have been applied here, which come from Taiwan, Thailand and Malaysia itself, then we can see major investments going into this, which could contribute quite substantially to the national economy," he said.

He added that for investors wanting to embark in areas relating to food production, the government will provide assistance in terms of land and support system.

He was responding to a question on Malaysia's focus on agriculture as one of the country's engines of growth.

The National Aquaculture Development Plan was launched in late 2007 as part of the government's move to improve the fishing industry.

Bernama reports that Fisheries Department director-general, Datuk Junaidi Che Ayub, said recently that Malaysia's production of aquaculture products was expected to reach 508,000 metric tonnes or worth MYR 6.9 billion by end of next year.

The products will come from 49 aquaculture industrial zones, covering 28,000 hectares, in the country, he said.