Minister of Planning and Finance plans to grant K100 billion loans for fishery sector development following the Myanmar Fishery Federation's request for low interest rate loans during the regular meeting between the Vice President and local businesses

The Ministry of Planning and Finance is planning to grant K100 billion in loans to help fishery sector develop. Myanmar Fishery Federation called for low interest rate for the loans at the regular meeting between Vice President No.1 and local businesses.

The ministry will give loans for fish seeds, prawn seeds, land and SMEs when necessary.

“If we get the loans, we will use them for necessary things such as investments for increasing fish and prawn production, technology and export,” U Htay Myin, President of Myanmar Fishery Federation, said.

With the plan of increasing Myanmar’s fish and prawn production, businesses are planning to increase fishery products export up to over $2.3 billion in next one or two years.

Private sectors will invest in using technologies and building fishery farms, fish food production facilities, cold storage facilities and value added factories to export good quality products. This will also create up to over 100,000 job opportunities as construction processes will be implemented using both local workers together with foreign experts from the countries such as Indonesia, Taiwan and China.

Therefore, the ministry will need to give low interest rate loans while the private sector is making these kind of investments.

MFF also stressed the need to upgrade fishing boats and technic, create markets, and reduce prohibited areas for fishing seasonally in order to prevent fishermen from being jobless.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/myanmar-fishery-federation-urges-low-interest-rate-loans-ministry )

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