ˇˇˇˇYANGON, January 22 (Xinhuanet) -- The Myanmar fisheries authorities have
granted a Myanmar-Thai joint venture to carry outfishing operation in the
country's territorial waters where an exclusive economic zone lies.
ˇˇˇˇThe move is aimed at attracting more foreign investment in the country's
fisheries sector, according to the Fisheries Department (FD) of the Myanmar
Ministry of Livestock and Fisheries.
ˇˇˇˇThe joint venture, formed by Myanmar's KTTA Co and Thailand's KMarine
Corporation in early January, is the first of its kind everapproved by the
Myanmar government to fish in the country's territorial waters.
ˇˇˇˇThe joint venture, shared by the Myanmar company with 60 percent and the
Thai's with 40 percent, has a deposit of 100,000 U.S. dollars as security in
Myanmar's state-run Foreign Trade Bank.
ˇˇˇˇAccording to the FD, the joint venture's fishing fleet from Thailand is
heading towards Myanmar waters batch by batch for the move.
ˇˇˇˇThe joint venture's trawlers are designated to pay to the Myanmar
government 15 percent of the total value of the catch and 10 percent of the
value of the exports.
ˇˇˇˇIn addition to fishing operation, the joint venture will also run related
businesses such as cold storage plants, processing facilities and cannery or
fish meal plants.
ˇˇˇˇAccording to official statistics, there are about 15,000 fishing boats
owned by Myanmar companies in operation in the country's territorial waters.
ˇˇˇˇIn the fiscal year 2000-01, Myanmar produced 1.28 million tons of fish and
prawn, of which 140,000 tons were exported, earning 218 million U.S. dollars. It
is expected that production for 2001-02 ending March will reach 1.37 million
tons and more earning willbe brought about.
ˇˇˇˇOther statistics show that since Myanmar opened to foreign investment in
late 1988, foreign companies coming from Bangladesh,China, Germany, Japan and
Thailand have so far injected 197 million dollars in the sector of fisheries.
ˇˇˇˇMeanwhile, the Myanmar government has also worked out a three-year fishery
development plan starting 2000, encouraging the localprivate enterprises to
engage in the sector by setting up fishery joint ventures with the government
and foreign companies.
ˇˇˇˇBesides, the government has leased out or sold the majority of the
state-owned fishery ponds to the private sector for business operations.
ˇˇˇˇFishery sector is the third productive mainstay of Myanmar's economy after
agriculture and forestry. Enditem
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