26 May 2019
The foundation laying ceremony for the 500 TPD Processing plant, 10,000 Ton Cold storage factory, 300 TPD fishmeal factory was held in the project zone in Pantanaw Township of Ayeyawaddy Region on Saturday.
It’s part of the mega project, Food Industry complex which includes all the stages from hatching to production of value-added products in one place.
Global Earth Argo & Aqua Industry Public Company has developed the project since 2017 with 200 million USD worth investment.
Union ministers for Agriculture, Livestock & Irrigation and Commerce and many other officials attended the ceremony.
According to the Global Earth Argo & Aqua Industry Public Company, the initial stages of the project are now working on the 900 acres wide firm. They also highlighted 90% of the production will be for the export market and the remaining 10% will be for the domestic market. The project will create about 5,000 jobs for the locals.
Director, Global Earth Argo & Aqua Industry Public Company, Zin Mee Thein said “The factory can process 500 tons of raw materials per day. We will work together with about 100 local fish farmers. The project is new in the industry and we have many challenges - technology, Infrastructure, electricity and most importantly financing process. 40-60% of the infrastructure development for the project is now completed. We will implement equipment installation this year - the factory is expected to operate in 2020. Then we will try to be able to operate the other stages in 2020-2022.”
Myanmar Fisheries federation shared their belief on the project and how much it can help to develop the country’s economic development.
Vice President, Myanmar Fisheries Federation, Dr. Toe Nandar Tin said “This food industry complex is all in one from breeding to transporting to market. We believe the project will definitely be a great help for the country’s aqua industry and export sector. In order to enter the international market, certifications are very important. This project also includes international standard laboratory as well and we are now discussing training programme with Chinese technicians. This kind of cooperation will also support human resources development of our country.”
According to the federation, export of fishery products amounted to 720 million USD in 2018. And according to the Global Earth Argo & Aqua Industry public company, the project will help to increase 20% more of the export income.