The Cabinet has approved a proposal by the Minister of Fisheries, Aquatic and Marine Resources to provide tariff relief on the import of Milk fish until local production can fully meet demand.
Under the new measures, a separate Harmonized System code will be introduced for imported Milk fish, which will be allowed exclusively through registered fishing societies. At the same time, a special trade tax of Rs. 180 per kilogram will be imposed on imported Wekkaya fish, with a concession of Rs. 130 per kilogram for fishing societies importing the species.
Milk fish, along with Ribbon fish, flying fish, and Cuttlefish, are used as bait in longline fishing by multi-day deep-sea vessels targeting high-quality tuna species. These tuna catches are highly valued internationally and represent a sustainable use of the country’s fishery resources.
Currently, around 2,200 multi-day fishing vessels operate in Sri Lanka, requiring about 8,000 metric tons of bait fish annually. However, local production can supply only 4,000 metric tons. To bridge this gap, the government plans to encourage private-sector investment in local Milk fish production for bait in the near future.
