Malaysia’s Ministry of Agriculture and Agro-based Industry predicts that total seafood export is expected to rise up to RM3 billion (US$949.52 million) in 2011 from RM2.5 billion last year on the back of strong prospects for the industry. Minister Datuk Seri Noh Omar said that Malaysia has the potential to expand its world market share in this industry as Malaysian seafood products are well accepted in more than 45 countries worldwide.
At the launch of the Malaysia International Seafood Exposition 2011 (MISE 2011) and Third International Symposium on Cage Aquaculture In Asia (CAA3) Omar said that the government has identified aquaculture as one of the main thrust areas under its Economic Transformation Programme, with three entry point projects under the National Key Economic Area related to aquaculture.
He also told that the government would give more emphasis on the development of ghe seaweed industry, and 12 companies have made a total investment of RM24 million to produce more than 16,000 metric tonnes annually worth RM66 million. According to Omar two companies have invested a total of RM119.9 million in integrated cage aquaculture to produce more than 15,000 metric tonnes of tilapia and marine finfish a year valued at RM286 million.
Initially the investment would be around RM473 million in integrated shrimp farming and are producing 39,000 metric tonnes of shrimp and shrimp products annually valued at RM575 million. He added that these investments will attract many foreign companies to stake their money at these ventures which generates some RM5 billion worth of fish and fish products annually.
