The government and the World Bank have jointly taken up two projects, one to address the impact of climate change on agriculture, and the other to help improve livestock and fish production.
An investment opportunity amounting to $1,300 million will be created in the projects – $809 million for Climate Smart Agriculture Investment Plan and $500 million for Livestock and Dairy Development Project.
Both government and non-government investors can participate in these projects.
With the implementation of the investment plan, Bangladesh will be able to maintain rice self-sufficiency and increase non-rice crops, livestock and fish production.
The projects were launched at a programme in the auditorium of the Krishibid Institution in the capital on Wednesday.
Farmland in the coastal regions of Bangladesh shrink by 24 percent during the production season due to a seasonal rise in sea level. To counter this adverse situation, productivity will be enhanced by increasing the use of new technology and the use of improved seeds suitable for the land.
Despite the fact that Bangladesh's agricultural production has been the highest in the last 25 years, rising temperatures affected the harvest of the Aman and the Boro paddy, the country's two main staple crops, during the last season.
Fish production and various crops in Bangladesh will be affected by rising sea level, but a combined effort by local and international bodies can reduce its adverse effects, said Dandan Chen, the World Bank's acting country director for Bangladesh and Bhutan.
The World Bank is planning to invest $1 million for the development of agriculture, he added.
Under the project, a variety of initiatives will be taken up for the management of acid soil for all crops, development of salt tolerant varieties of Boro, Aman and wheat and short-duration varieties of Aman and Aus rice.
Agriculture Minister Dr Md Abdur Razzaque said, "We are self-sufficient in rice production, but no so in wheat production. But that can be increased. After having attained overall self-sufficiency in food, we are now trying to diversify our production. Besides, we are focusing on nutrition and quality."
The government also plans to train farm-owners on livestock development to meet local demand by producing quality and highly nutritious milk, eggs and meat, he added.
The government will increase investment on farms and factories for this to happen.
One of the main objectives of the Livestock and Dairy Development Project is to increase employment opportunities by involving more rural people.
The project will provide better market access to 2 million household farmers and small and medium-scale entrepreneurs
"We are yet to attain self-sufficiency in milk and egg production. We will get the opportunity to develop this sector if we can attract more investment," said Md Ashraf Ali Khan Khasru, minister for fisheries and livestock.