A river catfish farming project, to be built on over 900 acres of land in Pantanaw Township, Ayeyawady Region, will breed river catfish and expects to export US$ 150 million worth of fish annually, businessmen said Myanmar Fisheries Federation (MFF).
The Global Earth Public Co.Ltd will invite all businessmen to invest in the river catfish farming project. The initial investment for the project will be US$ 200 million.
“We will implement the project on over 900 acres of land in the trial phase. We have planned to invest $ 200 million in the project initially. We will breed about 150,000 tons of river catfish species annually for export. Currently, we have already collected 60 per cent of river catfish species. We will conduct fish hatching throughout the year,” said U Htay Myint, chairman of MFF.
The Permanent Secretary and the officials from the Ministry of Natural Resources and Environmental Conservation, on behalf of Myanmar Investment Commission (MIC), inspected the land on which the project will be built to seek to determine its environmental impact. Upon completion of the inspection, and after the ministry’s submission of its report to MIC, permission was granted in the first week of January, 2019.
The fish feeding factories and cold storage facilities will also be build as part of the catfish project. Currently, the factories and the facilities are under construction. Businessmen have been invited to invest in the fish farming project.
“We will invite the shareholders in two phases. We can create thousands of job opportunities for the local people because we need a lot of workers in fish hatching, the feed factory and production. It will take eight months for the factories to be operational at full capacity,” said Dr. Toe Nanda Tin, the vice chairperson of MFF.
Concerning the purchase of shares in the fish farming project, those who are being engaged in the fish farming sector might not have a problem in making decisions to buy shares, but those businessmen who are outside the fish farming sector will have difficulties making decisions before the factories and facilities are fully operational.
By Aye Yamone(Translated by Hay Mar)