Panaji, Feb 7 (IANS): If Saudi Arabia is known for petro dollars, Goa has the strength to become a strong water-based economy, Union Minister for Animal Husbandry, Dairy and Fisheries Giriraj Singh said on Sunday.

Addressing a press conference here, Singh said the Central government, in partnership with the state agencies, was keen on investing Rs 400 crore to develop a fishing hub in Goa.

"If Saudi Arabia is known for its petro dollars, then I believe, and I have spoken to the state minster, there is strength in the water here to transform water into a strong economic force," Singh said.

The Union Minister also said that the fishing industry can supplement tourism, as a leading economy driver for Goa.

"Goa has the strength to become a leading fisheries hub of India. The Central government is discussing investment of nearly Rs 400 crore for holistic development of a fishing hub with state, port and shipping authorities," he also said.

Singh said that Goa has the ideal environment for creation of a fishing hub. The Union Minister also said that his Ministry was in the process of taking several reformative steps for developing the fishing industry in the country.