The signing ceremony of Sea License Agreement and Land Lease Agreement between the Department of Fisheries and Barramundi Asia (B) Pte. Ltd. recently marked the commencement phase for the extensive value-chain production of barramundi fish in the country by Barramundi Asia (B) Pte. Ltd. The project is set to prove that the advanced fish farming is becoming one of the major economic players in the region and the world, and is economically and socially beneficial for both Brunei Darussalam and Singapore.
From Brunei Darussalam perspective, the project implementation will also create about 100 jobs for locals; transfer new technologies; help strengthen the country's fisheries bio-security agenda and increase the fisheries export contribution to the economy spin-off businesses.
With a total projected investment of about 300 million dollars, Barramundi Asia (B) Sdn Bhd's off-shore and land-based sites projects will increase the volume of production of aquaculture marine fish by about 2,700 metric tonnes in 2020, valued at 24 million dollars; increasing to 20,000 metric tonnes, valued at 180 million dollars in 2028. It then increase by 36,000 metric tonnes a year, valued at approximately 324 million dollars by 2032, when the company is expected to be in full operation.
Source: Radio Television Brunei