Malaysia: USD 8.8 million allocated to develop fisheries sector

For the fisheries sector which is the second biggest contributor to GDP under the agriculture sector for the year 2022, Datuk Seri Masidi Manjun, Sabah Finance Minister, said a total of USD 8.8 Million (RM 41.61 million) is allocated to continue development programmes and support that guarantees the production of fisheries products for domestic and international markets.

Of that amount, he said a total of USD 2.2 million (RM 10.43 million) has been allocated under development to finance among others conservation initiatives through the tagal activities and installation of artificial reef. “The balance of trade in the fisheries sector shows a positive figure of approximately USD 128 to 192 million (RM 600 t0 900 million) annually,” he said.

In addition, he said efforts to combat Illegal, unreported, and unregulated (IUU) fishing especially the issue of fish bombing will be notified. As a result, this year, a total of 49 cases, including four court cases, have been successfully recorded by the Sabah Fisheries Department. Masidi said the State Government aims to explore the Blue Economy with the goal of economic development, creating job opportunities and improving the people’s standard of living. He explained the concept of the Blue Economy involves sustainable exploration of marine and coastal resources.

Source: dailyexpress.com.my

https://www.dailyexpress.com.my/news/224185/rm41-6-million-for-fisheries-sector/#:~:text=FOR%20the%20fisheries%20sector%20which,for%20domestic%20and%20international%20markets.