Jefi Aquatech leads shrimp initiative

June 15, 2011 14:43

Jefi Aquatech Resources Sdn Bhd is spearheading an initiative to develop Malaysia as a leading shrimp producer for the global and halal market, reports with reference to Business Times.

 Its chief executive officer B.J. Tan said this will be done by developing agro-entrepreneurs in rural areas with the help of state governments or the state investment arms.

 Speaking to reporters after the sixth update of the Economic Transformation Programme (ETP) by Prime Minister Datuk Seri Najib Razak, Tan said there will be three main components to the company's project. They are the establishment of the Jefi Aquatech Centre and Jefi Aquatech Farm, which will include the development of Agro-Entrepreneur Programme.

 This initiative, said Tan, will require RM375 million in investment in the next five years, generating RM9.5 billion in gross national income and creating 2,800 new jobs by 2020.

 "Our financing will come from both bank borrowings and investors," he said, adding that there will be no funding from the government.

 The project will cover the entire supply chain, from shrimp hatchery, farming, processing, warehousing, logistics to sales and marketing.

 Tan said the company has the technology, which has been accorded BioNexus status by Malaysian Biotechnology Corp, to implement this project.

 He said the company sees huge demand for the shrimp market especially from China and the Middle East.

 Jefi has been involved in the shrimp operating activities in China for more than 15 years and last year alone, it made a revenue of US$100 million (RM300 million) from that country.

 "However, we chose Malaysia for our expansion because, as Malaysians, we fully support the ETP," said Tan.

 On the agro-entrepreneur programme, he said local farmers will be given priority to participate as contract farmers and will be provided with ponds to cultivate shrimps under the management of Jefi, which will provide long-term entrepreneur contracts and guaranteed buy-backs at market prices.

 An agro-entrepreneur will have a monthly income of about RM3,000, said Tan.

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