US $ 3mn fish waste recycling venture generates millions in export revenue

A fish waste recycling business in Madurankuliya, Puttalam, is helping Sri Lanka earn millions of dollars in export income by converting the discarded fish waste into products used in the global aquaculture industry.

Yesol Lanka (Pvt.) Ltd has invested US $ 3 million in a manufacturing facility that produces fish meal, fish oil and fish paste for the export market.

Director Vijitha Kumara Rajapaksa said he started the business after gaining extensive experience in South Korea’s animal feed industry, where the fish waste is widely utilised to produce feed for the fish and shrimp farms.

After returning to Sri Lanka, he presented the project to the Board of Investment, which granted approval, due to the venture’s high export potential, environmental benefits and strong job creation prospects.

he capacity to process 100 metric tonnes of fish waste per day. It actively collects between 50 and 70 metric tonnes daily from various coastal locations around the country.

The company pays the local fishermen between Rs.20 and Rs.30 per kilogramme for fish waste, effectively providing them with a steady supplementary source of income.

According to the company, Yesol Lanka exports its processed products to several overseas markets, including Vietnam, earning between US $ 70 million and US $ 80 million annually in foreign exchange.

The firm noted that the project significantly helps reduce environmental pollution by recycling the marine waste that would otherwise be discarded into the ecosystem. The company has also adopted environmentally friendly packaging for all its exports, as part of its ongoing green business practices. (CPS)