Bangladesh can earn $5b from seafood exports in next 5 years: Bida

Bangladesh Investment Development Authority (BIDA) Executive Chairman Lokman Hossain Mia has ‍said, by utilising the blue economy properly, the country can earn $5 billion from seafood exports in the next five years.

"We have a 1.7 lakh square kilometre maritime boundary through which we can collect seafood to 460 nautical miles area. If this blue economy is properly utilised, it is possible to earn $5 billion by exporting seafood in the next five years," he said at a memorandum of understanding (MoU) signing ceremony at the Bida conference hall on Tuesday.

Currently, the country earns $500 million from exporting 30,000 tonnes of seafood.

Bida and Solidaridad Network Asia (SNA) have inked a Memorandum of Understanding (MoU) regarding the "Promotion and development of the Bangladeshi Seafood sector to contribute to the blue economy and expand the seafood market share in the international arena".  

BIDA Executive Member Mohsina Yasmin and Solidaridad Network Asia's Country Manager Selim Reza Hasan signed the agreement.

Lokman Hossain Mia ‍ said, "Due to a lack of well-equipped modern ships, we are not able to utilise our vast blue economy. We are unable to catch salmon and tuna fishes from the deep sea whose demand and price is high globally. We should take initiative to collect underwater resources using modern technologies. So we have to attract more investment in the blue economy sector."

Under the MoU, Bida and Solidaridad Network Asia jointly work to present Bangladesh's seafood to local and global buyers and attract local and international investment in the sector.

Solidaridad Network Asia, in association with Bida, will take initiatives to increase investment in seafood production through partnerships among various national and international stockholders, governments, and NGOs. 

Solidaridad Network Asia's Strategic Engagement Lead- Aquaculture Moin Uddin Ahmed told The Business Standard (TBS), at present, the country is exporting some sea fish including shrimps, crabs, and eels. We are in talks with European investors to increase investment in the sector.

The Ministry of Fisheries and Livestock, the Department of Fisheries, the Ministry of Commerce and Bida, the Bangladesh Frozen Foods Exporters Association, and Solidaridad are going to arrange a three-day seafood show in October.

The Bangladesh International Aquaculture and Seafood Show-2023 will be held on 19-21 October at Bangabandhu International Convention Center (BICC) in the capital city.