An Indian seafood producer Coastal Corporation Limited (India) has proposed to invest in Sri Lanka's aquaculture sector to boost cultivation of aquatic plants that are needed for the highly demanded shrimp farming overseas.
Coastal Corp is one of the leading producers and exporters of high-quality aquaculture seafood products across the globe.
According to Colombo Page, the company's representative, D Titus Fernando said they are willing to invest USD 5 million in the cultivation of aquatic plants.
The deal was proposed when Fernando met with the State Minister of Fisheries and Aquatic Resources Development, Dilip Wedaarachchi.
The company is also ready to expand the mud crab aquaculture, Fernando added.
State Minister Wedaarachchi thanked the Indian businessman for investing in Sri Lanka.
Wedaarachchi said that since the government is encouraging direct investments, a program to encourage investment in the fisheries sector will soon be implemented.
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