By Newswire Editorial

Sri Lanka has the potential to increase its annual seafood export earnings to USD 680 million by 2030, provided the industry receives sustained investment, improved infrastructure and supportive trade policies, according to the Seafood Exporters’ Association of Sri Lanka (SEASL).

In a statement welcoming the government’s 2027 Budget proposals, the association said the proposed investment incentives, fisheries development programmes and trade reforms could significantly strengthen Sri Lanka’s seafood export competitiveness.

SEASL highlighted the proposed concessionary financing scheme offering loans of up to Rs. 500 million at an annual interest rate of 5% for qualifying large-scale fisheries enterprises.

The association said the financing scheme, together with the proposed 200% enhanced capital allowance for qualifying BOI-approved export-oriented manufacturing investments of at least USD 3 million, would encourage investment in seafood processing, modern technology and cold-chain infrastructure.

According to SEASL, Sri Lanka earned USD 246.12 million from seafood exports during the first nine months of 2026, including USD 64 million from value-added seafood products.

The association noted that the contribution of value-added products to total seafood export earnings had increased from just 4% in 2022 to 26% during January–September 2026.

SEASL also welcomed the proposed Rs. 5 billion investment in Northern fisheries infrastructure, including the development of Pesalai Harbour and fishery anchorages, alongside Rs. 1 billion allocated for sustainable fisheries resource management.

The association said these investments would improve fishing infrastructure, strengthen coastal livelihoods and support sustainable seafood production.

It further welcomed proposed Customs reforms, improvements to the Temporary Importation for Export Processing (TIEP) scheme and the National Single Window for Trade, which are expected to simplify export procedures and reduce costs.

SEASL representative Dilan Fernando said Sri Lanka’s aquaculture sector, particularly shrimp farming, had significant potential to expand seafood production, create rural employment and strengthen exports.

However, he stressed that the successful implementation of the Budget proposals would be crucial to achieving the industry’s export targets.

“The priority now is implementation. We must ensure that exporters can access these incentives, that raw-material imports for value-added processing continue without unnecessary restrictions, and that sustainable fisheries management remains a national priority,” Fernando said.

He added that with the right policies, Sri Lanka could achieve USD 680 million in seafood export earnings by 2030.

The association also expressed appreciation to President Anura Kumara Dissanayake, Fisheries Minister Ramalingam Chandrasekar and Deputy Minister Rathna Gamage for their commitment to developing the fisheries and seafood export industry. (Newswire)