Bangladesh Investment Development Authority (BIDA) and Solidaridad Network Asia (SNA) have signed a Memorandum of Understanding (MoU) to boost the Bangladeshi seafood sector and enhance its presence in the global market. The agreement, titled “Promotion and Development of the Bangladeshi Seafood Sector to Contribute to the Blue Economy and Expand International Market Share,” was officially signed by Mohsina Yasmin, an Executive Member of BIDA, and Selim Reza Hasan, Country Manager of Solidaridad Network Asia.
Lokman Hossain Mia, the Executive Chairman of BIDA, envisions that Bangladesh can earn a staggering $5 billion from seafood exports within the next five years by effectively tapping into the potential of the blue economy. Mia emphasized the vast maritime boundary of 1,70,000 square kilometers, extending up to 460 nautical miles, which presents ample opportunities for seafood collection. He stressed the need to maximize the utilization of the blue economy to achieve this ambitious export target. Currently, Bangladesh earns $500 million from exporting 30,000 tonnes of seafood.
BIDA chairman also highlighted the existing limitations caused by the lack of well-equipped modern ships, preventing the country from fully capitalizing on the vast blue economy. Specifically, the inability to catch high-demand and high-priced fish species such as salmon and tuna from the deep sea has been a hindrance. Mia urged the initiation of efforts to leverage modern technologies for underwater resource collection and attract greater investments into the blue economy sector.
Under the terms of the MoU, BIDA and Solidaridad Network Asia will collaborate to showcase Bangladesh’s seafood offerings to both domestic and international buyers. Their joint efforts will also focus on attracting local and foreign investments to bolster the sector. Solidaridad Network Asia, in partnership with BIDA, aims to increase investments in seafood production by fostering collaborations among various stakeholders, including governments, NGOs, and national and international entities. Ongoing discussions are taking place with European investors to explore avenues for enhanced investment in the sector.
To further support the seafood industry, a three-day seafood show titled “Bangladesh International Aquaculture and Seafood Show-2023” is set to be organized. The event, scheduled to take place from October 19th to 21st, will be jointly hosted by the Ministry of Fisheries and Livestock, the Department of Fisheries, the Ministry of Commerce, BIDA, the Bangladesh Frozen Foods Exporters Association, and Solidaridad. The show aims to provide a platform for industry stakeholders to connect, exchange knowledge, and showcase the potential of Bangladesh’s seafood sector. The event will be held at the Bangabandhu International Convention Center (BICC) in the capital city.
