HomeMMBIZ NewsLack of Finance, Tech Sinking Marine Export

Lack of Finance, Tech Sinking Marine Export

Lack of financial assistance, technology enhancement and research as well as decreased production is causing a fall in marine exports, U Hnin Oo, senior vice president of Myanmar Fisheries Federation, said.

Myanmar’s marine export fetched nearly $400 million in the first ten months (April-Jan) of the fiscal year 2014-15.

The figure is expected to reach $450 million at the end of the fiscal year 2014-15, down from $530 million compared with last fiscal, U Hnin Oo said.

According to official statistics, foreign investment in livestock and fisheries sector amounted to $450 million in 33 projects as of December 2014, accounting for 0.85 percent of the total foreign input.

Myanmar exports its marine products to EU, US and Asian markets, he said, adding that marine products from 19 processing plants in the country are exported to EU market.

In the fiscal year 2013-14, Myanmar exported 291,400 tonnes of fish and prawn, while in the first five months (April-August) of the fiscal year 2014-15, it exported 97,500 tonnes of marine products, statistics show.

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