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Japan, South Korea Show Interest in Indian Seafood Sector

28 September 2016

INDIA - Japan and South Korea, two major forces in the seafood sector, have expressed interest to invest in value addition of seafood products in India, said India’s commerce minister Nirmala Sitaraman at the 20th India International Seafood Show, held in Vishakhapattanam city of Andhra Pradesh, writes Basudev Mahapatra.

They can bring the technology and best practices and implement it here in a cost effective manner, she said.

The minister also invited delegates from both the countries to visit fish farms and infrastructure in the country, particularly in Andhra Pradesh, which is leading in aquaculture production in the country.

Both the Centre and the state government of Andhra Pradesh are keen to increase the value addition of Indian seafood exports which have touched INR 30000 crore annually, she said.

Marine product exports from India are projected to increase nearly 20 per cent to $5.6 billion in 2016-17. This is to be achieved through “aquaculture diversification, quality control, value addition and improved production infrastructure,” according to India’s ministry of commerce and industry.

With a long term marine fisheries development plan in place, India hopes to achieve seafood export turnover of $10 billion by 2020.

In 2015-16, India's marine exports stood at $4.7 billion with a volume of 9.45 lakh tonnes.

Safe and sustainable aquaculture through diversification is expected to give a boost to the sector, said MPEDA Chairman A Jayathilak.

To facilitate fisheries sector development and value addition projects, the government has decided to set up special agencies for aquaculture and fisheries in all coastal states.

Export incentives for marine products are also to be extended under Merchandise Exports from India Scheme.

TheFishSite News Desk

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