New land identified for aquaculture development

Agriculture and Agro-based Industry Minister Tan Sri Muhyiddin Yassin said RM250 million was needed from the government to build infrastructure and other amenities so as to encourage the participation from local and foreign investors.

"The Economic Planning Unit has agreed in principle that infrastructure be provided as part of the incentives to support companies participating in the industry.

"We believe within these few years, we can double the production," he said after the ministry’s post-Cabinet meeting.

Muhyiddin said the companies were expected to spend RM1.6 billion to boost the industry.

"The ministry will appoint a consultant soon to come up with the business plan, aquaculture development models and the prospectus of the zones where this industry will be developed. We hope to attract as many companies to invest in the industry, be they local or foreign."

Muhyiddin said he had directed Bank Pertanian to initiate discussions with other financial institutions to raise RM1 billion each for funding of the projects.

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