Big Money To Be Made In Downstream Fishery Sector, CM Tells SAFMA

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KOTA KINABALU: Chief Minister Datuk Seri Panglima Haji Mohd Shafie Apdal on Tuesday received a mock cheque for RM1.5 million from Sabah Fish Marketing (SAFMA) chairman Datuk Ujang Sulani in repayment for this year.

The refund has reduced the loan amount of the state-owned company from RM7.472 million last year to RM5.972 million. Last year, SAFMA collected RM1.16 million net revenue, while RM858,309 net revenue was collected from Jan to Sept this year.

At the event, Shafie said he wanted the downstream fishery industry to develop in order to generate more revenue for the state economic growth.

“We want to go far in fishery sector, especially in downstream industry, because the potential in Sabah is huge compared to other states.

“That is why we decided to collect five per cent tax on export of fishery products starting next year, and hope it will encourage downstream industry,” he said.