Press briefing of Cabinet Decision taken on 2011-06-08

Regulations under the State Industrial Corporation Act No.49 of 1957

- exploitation of fisheries resources in the Northern and Eastern coastal areas was constrained due the conflict situation which prevailed during the last three decades and however, with the establishment of peace in the country, the entire coastal area is now open for fishing operation which provide employment opportunities to about 650,000 people. Local and foreign investors have shown interest to invest in the fisheries industry in the country with the prevailing peaceful environment. The proposal made by Hon. (Dr.) Rajitha Senaratne, Minister of Fisheries and Aquatic Resources Development to amend the regulations in the Act to enable the Ceylon Fisheries Corporation to enter into Joint Ventures with local/foreign investors for deep sea fishing beyond Sri Lanka waters in keeping with accepted rules of international law, was approved by the Cabinet.