By Bob Brewer on Unsplash
Invest in commercial-scale aquaculture to improve value added production in the fisheries sector and reduce waste generated through post-harvest losses.
The aquaculture industry in Sri Lanka was launched in the early 1980s, with investment from large and mid-scale multinational companies. Activities in this space were highly concentrated in shrimp farming in the mangroves, salt marshes, and brackish water areas. In 2018, the country had ~1400 shrimp farms and 70 hatcheries (17) Examples of companies active in the IOA space:
Oceanpick founded in 2011 is Sri Lanka’s first offshore oceanic farm for finfish, rearing in pristine waters off the northeast shores. It focuses on “responsible farming” that is highly sustainable, producing high-quality seafood, while offering food security and tractability throughout the supply chain. (3)
Taprobane Seafood, established in 2010, is a USD 100 million dollar company. The company has 16 processing facilities, employing over 2,000 direct employees throughout the Northwestern and Northern Provinces. Taprobane Seafood Group is also one of Sri Lanka’s largest export groups, pioneering in raw, processed and value-added seafood exports (5). In 2021, Atman Group made a strategic investment to facilitate Taprobane's growth.
Aqua Hatcheries Lanka (now known as Aqua ‘N Green Ltd) was incorporated in 1991 and is a supplier of post larvae to farmers and has transformed into one of Sri Lanka's most technologically advanced organizations by initiating marine fish breeding and farming, and introducing environmentally sustainable farming models (4) It was part of Integrated Aquaculture Project (2010-2013) by USAID for Sea bass farming in Trincomalee.
Commercial scale aquaculture to improve livelihoods with higher revenue through ensuring more products, diversification and local value addition.