Inaugural Fisheries Expo 2008 a resounding success:

US$ 10m Lanka-Japan joint venture

Ravi Ladduwahetty

The inaugural Fisheries Expo 2008 which kicked off on Friday and concluded yesterday has already borne fruition with a local fish exporting company going into partnership with a Japanese consortium for tuna exports to Japan and continental markets.

The local company - Diyakawa Ltd, a well known fish exporter has begun negotiations with a consortium of three Japanese buyers/partners to inject a total of US$ 10 million (over Rs. 1 billion) for exporting tuna to Japan and continental markets.

“The Japanese partners will inject US$ 8-9 million dollars while we will inject around Rs. 150 million to make the US$ 10 million. The project will be in full swing when the season opens in April 2009,” Diyayakawa Chairman Daya Wettasinghe told Daily News Business yesterday.

Wettasinghe said the proposed joint venture will see the export of frozen tuna and tuna fish fillet going into both Japanese and Continental markets while another associated product - Sachimi, which is an exclusive niche product will go into the Japanese market.

Wettasinghe said the funds will go into buying and operating the large vessels numbering 10-15 which will all go into deep sea fishing with the company already having the experience of fishing and exporting up to 100 tonnes on a weekly basis.

He was also assured of the logistics support of the Fisheries Corporation from which he said the joint venture was to access the cold room support.

Meanwhile, President of the Federation of the Chambers of Commerce and Industry of Sri Lanka Kosala Wickremanayake said that the event, jointly organised by the Federation and Ministry of Fisheries and Aquatic Resources Development was a resounding success despite being hurriedly arranged and prospects were even better for 2009 when the exhibition and the full potential will be fully known and also with the support of GTZ and ICEIDA, the International Development Agency of Iceland. 30 investors from Canada, Germany and Japan had arrived with the Ceynor Foundation getting positive inquiries about boat building for export.

He also said the assurance given at the inauguration by Deputy Fisheries Minister Neomal Perera that the Government was giving all the logistics support for the development of inland fisheries and Thilapiya cultivation and breeding for both the local and export markets would also boost confidence among the exporters. The Institute for Boat Building and Technical Improvement funded by the GTZ will also bolster the value of the support services in the industry.

Another positive feature is that the Annick Vernimmen, Project Coordinator of Building and Future Foundation, which is a NGO assisting the local youth in the coastal areas affected by tsunami has also assured help in sail making and boat building which will also see the local fishing industry come of age, he said.