Myanmar Fishery Federation (MFF) will organize a meeting with foreign banks on fishery loans to improve production (U Win Kyaing, General Secretary of MFF)

Myanmar Fishery Federation (MFF) will organize a meeting at UMFCCI and invite foreign banks in Myanmar to discuss granting loans for fish and prawn breeding business in Myanmar, according to U Win Kyaing, General Secretary of MFF.

“When MFF president told the president of UMFCCI, he agreed to the idea. So, we will hold a meeting on a convenient day, and invite foreign banks operating in the country. Our people need finance in order to improve production. We don’t have funds and our business are not improving,’’ he added.

Central banks on November 8 allowed foreign banks that have been operation in Myanmar since 2015 to provide loans to local enterprise the same as local banks. Businessmen in fishery sector want to borrow credit from foreign banks.

Myanmar’s fishery sector is slow to improve because of the lack of capital even though it has other resources suitable for fish and prawn breeding, U Win Kyaing said.

At the meeting, MFF is prepared to discuss its efforts for the prawn and fishery breeding sector, and talk about borrowing loans from banks. A record of the meeting will be shared with government.

As of November 16, from the beginning of this fiscal year, Myanmar’s fishery exports have generated up to $119.642 million exceeding the same period last year by $25.6 million, according to the data from the Ministry of Commerce.

There are over 400,000 acres of prawn and fishery ponds in Myanmar, and there are also resources for fish breeding in coastal areas.

Currently, the country has 13 foreign banks, and allowing them to provide banking service to local businesses is expected to be helpful to major exports of the country as well as other businesses.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/mff-organize-meeting-foreign-banks-fishery-loans )

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