India, Myanmar agree to open Sittwe Port in 2021

India and Myanmar have agreed to work towards launching the Sittwe Port in Rakhine State in the first quarter of 2021, according to announcements by the Myanmar government and the Ministry of External Affairs of India. The developments were made during the visit of an Indian government delegation to Myanmar. The Sittwe Port is a major part of the Kaladan Multi-Modal Transit Transport Project funded by India. It aims to correct the Seaport of Kolkata in India to Sittwe by sea. It will then link the Sittwe seaport to Paletwa, Chin State, by inland waterway and from there connect further to Mizoram in India by road.

The project comprises three stretches which include shipping, inland water and road transport. The longest among these stretch is the shipping segment from Kolkata to the Sittwe Port. India has already completed the development of Sittwe Port and Inland Water Transport terminals at Sittwe and Paletwa. The port and inland waterway terminal operator and maintenance contractor has also been selected. Mean while, the road from Paletwa to Zorinpui in Mizoram, India is still under construction. The total project cost of the Kaladan Multi-Modal Transit Transport Project, which is expected to boost trade and commerce and contribute to development in Rakhine and Chin, is estimated at around US$484 million. Besides that project, both sides also discussed progress in the ongoing Indian-assisted infrastructure projects, including the Trialateral Highway.

The two countries have also explored new avenues of cooperation, including fresh investments in oil and gas and power, infrastructure, and pharmaceuticals. Meanwhile, both sides agreed to deepen cooperation to overcome the challenges posed by the COVID-19 pandemic, with the Indian delegation presenting 3000 vials of Remdesivir, an antiviral treatment medication. Notably, India indicated its willingness to priorities Myanmar in the sharing of viable vaccines aas and when these become available.

Source: Myanmar Times

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Fishery exports soar to over $847 mln in 2019-2020FY

Export earnings from the fisheries sector during the period between 1 October and 25 September in the financial year 2019-2020 reached US$847.5 million, an increase of $125.65 million from the year-ago period. The figures stood at just $721.865 million during a-year ago period. During the current financial year, the fishery exports are expected to reach a record high. Myanmar Fisheries Federation (MFF) expected to earn more than $800 million from fishery exports in the FY2019-2020, and it got a target. Myanmar exports fisheries products, such as fish, prawns, and crabs, to markets in 40 countries, including China, Saudi Arabia, the US, Japan, Singapore, Thailand, and countries in the European Union. Myanmar’s fishery exports have slightly declined over the past three months, owing to the COVID-19 impacts. However, Myanmar witnessed a large volume of exports in the post-pandemic period.

The MFF is making concerted efforts to increase fishery export earnings by developing fish farming lakes which meet international standards and adopting advanced fishing techniques. To ensure food safety, the foreign market requires suppliers to obtain Hazard Analysis and Critical Control Points (HACCP) and Good Aquaculture Practices (GAqP) certificates. The MFF is working with fish farmers, processors, and the Fisheries Department under the Ministry of Agriculture, Livestock, and Irrigation to develop the GAqP system. Myanmar exported 340,000 tonnes of fishery products worth $530 million in the 2013-2014FY, 330,000 tonnes worth $480 million in the 2014-2015FY, 360,000 tonnes worth $500 million in the 2015-2016FY, 430,000 tonnes worth $600 million in the 2016-2017FY, 560,000 tonnes worth $700 million in the 2017-2018FY, and over 580,000 tonnes in the 2018-2019FY.

Myanmar’s economy is more dependent on the agricultural sector to a large extent. Also, the fisheries sector contributes a lot to the national gross domestic product (GDP). Its fishery production, including shrimps and saltwater and freshwater fish, is far better than the regional countries. If the state can boost processing technology, it will contribute to the country’s economy and earn more income for those stakeholders in the supply chain, Yangon Region Fisheries Department stated.

Source: The Global New Light of Myanmar