Exports may more than double to $4 bn by 2010

The country's seafood exports are likely to more than double to over $4 billion dollars by 2010 from the present level of two billion dollars, a chamber study has said.

"We can double our exports of seafood provided the fishing capacity is expanded by equipping the vessels with accurate remote sensing tools," a Assocham study said.

Besides, the exporters should be provided liberal fiscal assistance through the Marine Products Export Development Authority (MPEDA).

The seafood exports, which remained stagnant at $1.6 billion in 2005-06 moved up to $2 billion in the first nine months of current fiscal. "Demand in trading blocs like the EU, the US and Canada is moving up further," the study said.

The country has less than 50,000 fishing vessels each with a capacity of 1.5 tonne. This should be expanded to five tonne to increase fish acreage. The vessels should also be equipped with the remote sensing devices to exploit the deep sea shipping potential of the country's marine products.

The chamber said the financial assistance extended by MPEDA to exporters has declined considerably with adverse impact on seafood exports.

The major markets for Indian seafoods include the EU, the US and Japan.

Export to Middle East countries has also been growing, while the growth to China has been marginal.