Japan, S Korea might invest in value addition of seafood products: Nirmala Sitharaman.

VISAKHAPATNAM: Japan and South Korea have expressed interest in investing in value addition of seafood products in India, according to Union Commerce Minister Nirmala Sitharaman.

Speaking at the 20th India International Seafood Show held here on Friday, the minister invited trade members of both the countries to visit the aquaculture farms in India, particularly the ones in Andhra Pradesh, which leads in aquaculture production.

She said that both the Centre and the Andhra Pradesh government are keen to increase the value-addition of Indian seafood exports, which have touched Rs 30,000 crore annually. "They can bring the technology and best practices from the world and implement it here in a cost-effective manner," she said.

Sitharaman said the government has extended the scope of the Merchandise Exports from India Scheme by bringing certain seafood products under it. The scheme's annual outlay, which is at Rs 22,000 crore, will be increased by Rs 1,500 crore.

She also said a coastal agency for the developments in aquaculture and fisheries will be formed in all the coastal states under the Marine Products Export Development Authority headed by the chief secretary and under the guidance of chief minister. The agency will look into all state-based issues in the fishery sector.

Andhra Pradesh Chief Minister N Chandrababu Naidu said he hoped to make the state the aquaculture hub of the world.

At present, it accounts for 45 per cent of India's seafood exports. "We want to increase it to 60 per cent-70 per cent in the next couple of years," he said.

Source : economictimes.indiatimes.com