Investment From Japan And Korea In India’s Seafood Sector May Be Beneficial For All

According to union commerce minister Nirmala Sitaraman, two major forces in the seafood sector – Japan and Korea – have expressed interest in investing in value addition of seafood products in India. She has extended an invitation to trade members of both the countries to visit the aquaculture farms in the country, particularly Andhra Pradesh, which is the leading aquaculture production state in the country.

Benefits Of The Investment

This investment will enable Japan and Korea to bring the technology and best practices from the world over and implement it in India in a cost effective manner. 

The government has extended the scope of the merchandise exports from India scheme (MEIS) by bringing certain seafood products under it. The total annual outlay under this scheme will be increased from Rs 22,000 crore by another Rs 1500 crore.

Also, a coastal agency for the development of aquaculture and fishery will be formed in all the coastal states under Marine Products Export Development Authority (Mpeda) headed by the chief secretary and under the guidance of chief minister. The agency will look into all the state-based issues in the fishery sector. 

This investment might make it possible to provide the aquaculture sector with an agriculture status, thereby ensuring that they won’t lose out on the benefits available to the farming sector