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Wednesday, 30 March 2011

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Ornamental fish industry targets Rs 1 billion

The ornamental fish industry expects to reach Rs one billion by end of this year despite difficulties due to the depreciation of the exchange rate at present.

The industry targets Rs one billion foreign exchange this year. However, the downward movement in the exchange rate has adversely affected the industry. This has become the major impediment for the industry growth, the Ornamental Fish Exporters Association of Sri Lanka Sathyendra Wijayapura told Daily News Business.

“There is a difference between the airport exchange rate and the rate that is offered by the bank. This has resulted in a loss of revenue,” he said.

The changing weather conditions and the recent Japanese Tsunami which impacted on the change in the sea beds will have a negative impact on the ornamental fish industry. The entire industry suffers due to adverse changes in the environment, he said.

The overhead prices keep on increasing and the cost of the imported items have not reduced.

Therefore, the export turnover has come down. However, we are expecting this situation to improve and to reach the target by the end of this year, Wijayapura said.

The local industry has to compete with markets such as Israel, Indonesia, Singapore and Malaysia. China is also emerging as a leading ornamental fish exporter. It is important for the industry to have a conducive environment, he said.

 

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