Yangon Region will emphasize the development of fishery sector with a view to increase Gross Domestic Product (GDP) growth rate, stressed Chief Minister U Phyo Min Thein.
The Region government will commence its measurement activities in the end of this rainy season. Fish farming is likely to help grow GDP rate in a short time.
In addition to upgrading of fish farming ponds, cold storages and fish processing factories will also be upgraded. Fish farming sector has a potential to improve GDP growth rate and so, we will carry out this as soon as possible, he continued.
Currently, Myanmar’s GDP growth rate is 5.90 per cent, according to the Central Bank of Myanmar (CBM).
Upgrading of factories and cold storages for fishery sector will create more job opportunities for local residents and Myanmar working abroad who are engaged in fishery industry when they come back to homeland, said U Phyo Min Thein.
In a bid to carry out those projects, the Region government will cooperate with the related ministries, Myanmar Fishery Federation (MFF), local and foreign entrepreneurs.
Projecting to enhance fishery sector, MFF has requested to the Region government to systematically
implement marine breeding zone, hatcheries, foodstuff processing factories and laboratories.
Last financial year 2016-2017 earned around US$600 million from marine export. The fishery sector as of 4 August this FY fetched about $180 million, according to the Commerce Ministry.