Shrimp Leads the Export Surge

Of the total export earnings in FY 2024-25, Tk 2,499 crore (USD 206.5 million) came from 19,512.79 tonnes of shrimp exports alone, up from 15,450.97 tonnes in FY 2023-24, which earned Tk 1,744 crore (USD 144.1 million).

Meanwhile, export earnings from other fish varieties rose from Tk 402 crore (USD 33.2 million) for 9,745.78 tonnes in FY 2023-24 to Tk 610 crore (USD 50.4 million) for 15,363.58 tonnes in FY 2024-25.

Species-wise Earnings Breakdown

The detailed breakdown for FY 2024-25 includes:

• Galda / Freshwater Giant Prawn: Tk 734.50 crore (USD 60.7 million) from 4,282.14 tonnes
• Bagda / Black Tiger shrimp: Tk 1,691.69 crore (USD 139.8 million) from 13,963.11 tonnes
• Soft shell Crab: Tk 173.27 crore (USD 14.3 million) from 1,166.89 tonnes

By comparison, in FY 2023-24:

• Galda shrimp exports brought in Tk 420.43 crore (USD 34.7 million) from 2,883.30 tonnes
• Bagda shrimp earned Tk 1,311.21 crore (USD 108.4 million) from 11,336.54 tonnes
• Soft shell Crab exports were Tk 97.87 crore (USD 8.1 million) from 644.77 tonnes

Challenges Holding Back Production

Despite the growth, the sector has faced several persistent hurdles — a decline in brackish water sources, virus outbreaks, lack of SPF (disease-free) shrimp fries, and farmers’ reluctance to adopt modern techniques. According to industry estimates, these challenges have caused production shortfalls that deprived the country of USD 25–41 million (Tk 300–500 crore) in potential export earnings.

Adding to the pressure, rising feed prices have increased input costs for farmers, further impacting profitability.

Government Support Fuels Renewed Hope

The government has been taking proactive steps, including promoting cluster farming methods, vannamei shrimp cultivation, environment-friendly aquaculture, and massive farmer training and incentives.

Farmer testimonies reflect growing optimism. Harun-ur-Rashid from Koyra Upazila credits the adequate rainfall and government virus prevention efforts for improved yields. Sheikh Mahtab Uddin from Dumuria noted that training programs, quality feed, and natural water bodies have helped increase fish production.

Previously, political interference and land grabbing disrupted shrimp farming activities in many areas. However, with improved governance and proper government action, farmers are returning to the business.

A Sector at a Crossroads

Inspector Lipton Sarder from the Khulna FIQC office noted that while shrimp production has been declining nationwide over the past five years, recent government steps have started reversing the trend. He emphasized the importance of cluster method aquaculture and the adoption of modern, sustainable farming practices.

Industry leader Sheikh Abdul Baki of Oriental Fish Processing Industries highlighted that quality inputs, natural water resources, and cluster farming are key to future success.

According to Md Zahangir Alam, Deputy Director of the Khulna Fisheries Department, the production and export of all categories — white fish (freshwater fishes), Galda, Bagda, and crabs — have increased notably in FY2024-25.

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According to the Bangladesh Export Promotion Bureau (EPB), frozen and live fish exports, including shrimp, rose by 14.45% in the first eight months (July–February) of FY2024-25, reaching USD 316.2 million. Of this, shrimp exports alone surged by 17.06%, hitting USD 215.9 million. February marked a particularly strong month, with export growth of 23.25%. Bangladesh’s main export destinations are mostly UK and EU countries.

The upward trend has continued for six consecutive months, from September to February. Despite this, many processing plants in key hubs, Khulna and Chattogram remain closed due to a shortage of raw materials, financial constraints, and high operational costs.

Industry leaders state that the sector was severely disrupted during student protests in July–August last year. Yet, EPB data suggests that shrimp exports have been gradually increasing since the fall of the previous government.

Recently elected as the Senior Vice President of the Bangladesh Frozen Foods Exporters Association (BFFEA), Md. Tarikul Islam Zaher, Managing Director of Achia Sea Foods, said:

“We’re getting a significant volume of export orders, and global demand for shrimp has risen considerably. However, the raw material shortage poses a serious threat to sustainable growth.”

Zaher added that most shrimp producers are struggling due to multiple challenges, resulting in the shutdown of many processing factories. Of BFFEA’s 200 member companies, only about 25% are currently operational, while 75% have suspended activities.

Even in Khulna, where nearly 30 factories remain technically open, only 10–12 are functioning steadily. The situation in Chattogram is reportedly just as grim.

Mixed Performance Among Listed Shrimp Exporters

While the export numbers show positive signs, the financial performance of publicly listed shrimp companies on the Dhaka Stock Exchange (DSE) tells a mixed story.
Apex Foods, one of the largest listed exporters, saw its revenue drop by 2% and profits decline by 20%, according to unaudited financials. Meanwhile, Gemini Sea Foods suffered substantial losses due to reduced revenue and shrinking profit margins.

Calls for Policy Support

Exporters and processors are urging the government to extend financial incentives, improve infrastructure, and offer policy support to help smallholder farmers restart operations. Industry insiders believe such measures will not only sustain the current growth momentum but also enhance overall export earnings.

European and Middle Eastern markets are showing robust demand, and Bangladesh could significantly increase its seafood exports with the right support. However, the shortage of shrimp seed and raw material remains a critical bottleneck.

Focus on Vannamei Shrimp

Sheikh Kamrul Alam, Managing Director of Rupali Sea Foods Ltd. and BFFEA Vice President, blamed the previous government’s restrictive policies for factory closures. Still, he remains optimistic about the future, especially with the growing interest in Vannamei shrimp farming.

“Vannamei shrimp is highly profitable for processors, but approval for farming was delayed. Now that it’s been allowed, we’re seeing encouraging results,” Kamrul said.

Vannamei shrimp—also known as Whiteleg shrimp or Pacific white shrimp—originates from the Pacific coasts of Mexico and Central/South America. In Bangladesh, trial farming began in 2021 under the Bangladesh Fisheries Research Institute (BFRI) in Paikgacha, Khulna.

Following early success, the government authorized 12 companies to commercially farm Vannamei in 2022. These ventures have reported promising yields, signaling a bright future for commercial Vannamei farming in Bangladesh.

Kamrul added,

“Vannamei can yield 8,000–10,000 kg per hectare, compared to just 1,000 kg from traditional Bagda farming (Black Tiger shrimp). If we invest in production and scale up, shrimp exports can skyrocket, significantly boosting the country’s foreign exchange reserves.”

While vannamei shrimp may seem like a promising addition to Bangladesh’s aquaculture export basket, the reality on the ground tells a different story. Bangladesh’s shrimp sector is still heavily dependent on extensive aquaculture, where average Black Tiger shrimp (P. monodon) yields are less than 300 kg per hectare.

Even after years of commercial farming, local Monodon hatcheries continue to fall short of the mark—lagging in traceability, technical standards, and the consistent production of quality post-larvae (PL). As a result, the sector relies heavily on wild-caught PL to fill the demand gap, a practice that’s further depleting the country’s already stressed natural shrimp stocks.

On top of that, a large portion of Bangladesh’s shrimp farmers are smallholders who are deeply accustomed to the low-input, low-cost farming practices of native Black Tiger shrimp. For these farmers, transitioning to vannamei—which demands higher biosecurity, hatchery-sourced SPF stock, commercial feed, and controlled water systems—is not only unfamiliar but also financially burdensome. Without significant support systems and reliable inputs, it’s unlikely these farmers will be able to adapt quickly or sustainably.

In this context, if we haven’t been able to build a resilient and sustainable system around our native species after many decades of commercial farming, it’s unrealistic to assume we can suddenly succeed with vannamei—a species that demands far stricter management, infrastructure, and compliance.

And beyond our borders, the vannamei shrimp market is already intensely competitive and nearing saturation. Countries like India, Ecuador, Vietnam, and Indonesia—who are decades ahead in vannamei farming—are dominating global supply chains with economies of scale, integrated systems, and strong government support. Bangladesh, by contrast, is just starting out, with no foothold yet.

So the question remains—should we chase a crowded market we’re not ready for, or double down on our strength?

Vannamei of course hold the long-term potential, but in the present context, betting big on Black Tiger shrimp remains the most strategic, realistic, and sustainable path forward—for both the industry and the tens of thousands of farmers who rely on it for their livelihoods.

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Hailing from Sylhet, Iqbal Ahmed transformed Bangladesh’s frozen seafood trade by introducing innovative export strategies. He was among the first to bring Black Tiger shrimp to the UK and European markets using refrigerated containers, a move that revolutionized seafood logistics. His company, IBCO Limited, founded in 1976, expanded to become a major distributor of frozen seafood and food products worldwide. Seamark Group, under his leadership, has earned numerous international awards, solidifying Bangladesh’s position as a reliable seafood exporter.

Beyond business, Iqbal Ahmed is deeply committed to social causes. As chairman of the UK Bangladesh Catalyst of Commerce and Industry (UKBCCI), he actively promotes business and entrepreneurship among young people in the UK and Bangladesh, fostering opportunities for the next generation. His philanthropic initiatives extend across borders—he has supported and raised funds for the Manchester Children’s Hospital Appeal, the Royal Manchester Eye Hospital Appeal, and the Ahsania Mission Cancer and General Hospital Appeal.

His humanitarian efforts also include aid for displaced communities. Through the Iqbal Bros Foundation, a UK-registered charity, he has been actively raising funds to support Rohingya refugees, providing them with essential resources for survival and rehabilitation.

Recognized as a Commercially Important Person (CIP) in Bangladesh nearly every year since 2002, Iqbal Ahmed remains an influential figure in both the financial and seafood sectors. His ongoing leadership and philanthropic endeavors continue to shape Bangladesh’s global seafood presence while uplifting communities in need.

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The Beginning of an Entrepreneurial Journey

Ripon’s journey began in the 1990s, while he was a student at Govt. B. L. College. Unlike many of his peers, who aspired to traditional careers, Ripon had a different vision. He wanted to be an employer, not an employee.

What started as a small shrimp farm in a personal space soon turned into a flourishing business. Seeing positive returns, he decided to expand commercially in 2001. By 2007, his shrimp farming area had grown to 150 bighas, and today, he manages an impressive 1,800 bighas ( approx. 240 hectare) across six farms, employing around 500 workers.

“I never wanted a job. I always believed in creating opportunities rather than seeking them,” Ripon shared, reflecting on his early aspirations.

Overcoming Challenges to Build an Empire

Success did not come easy. Like many shrimp farmers in Bangladesh, Ripon faced numerous hurdles, from disease outbreaks to political resistance and environmental challenges.

“Shrimp farming was never easy,” he admitted. “There were constant challenges—diseases, extreme weather, and even opposition from influential individuals. But I knew that perseverance and innovation were the keys to overcoming them.”

During one of the toughest phases, Ripon found himself battling resistance from political figures over water extraction rights from the river. Despite these setbacks, he pushed forward, committed to his vision of revolution in shrimp farming.

Innovation and Expansion in Shrimp Farming

Ripon attributes much of his success to advanced techniques in shrimp farming, which he adopted with support from the Department of Fisheries. These techniques not only increased productivity but also set a benchmark for other farmers in the region.

His influence is evident. Neighboring shrimp farmers, such as Alauddin Sohag, acknowledge Ripon’s role as a trailblazer. “Farmers in the coastal belt now follow the path Ripon has set,” Sohag noted.

Beyond his own farming operations, Ripon supplies high-quality shrimp fries from Cox’s Bazar to other farmers, further strengthening the industry.

Today, his businesses, Royal Fish Trading and Royal Fish Culture, generate an annual revenue of Tk 10-12 crore (approx. a million in USD). And he has no plans of stopping. With an eye on further expansion, Ripon aims to make Bangladesh’s shrimp industry more competitive in the global market.

Recognition and Industry Leadership

Ripon’s dedication and contributions have earned him numerous awards at both upazila and district levels. He currently serves as:

• President of Khulna Divisional Hatchery Traders Association
• General Secretary of Paikgacha Upazila Shrimp Farmers Association

His work has also drawn appreciation from government officials and experts.

Khulna District Fisheries Officer Dr. Farhana Taslima remarked, “For years, shrimp farmers suffered losses due to traditional farming methods, disease outbreaks, and climate change. Ripon’s cluster farming approach has provided a sustainable model that is now helping local farmers thrive.”

The Future of Bangladesh’s Shrimp Industry

Ripon’s story is not just about personal success—it’s a testament to the potential of Bangladesh’s shrimp industry. With over 5,000 shrimp farms covering 20,000 hectares in Paikgacha alone, the sector holds immense opportunities.

Senior Upazila Fisheries Officer Saikat Mallik highlighted Ripon’s contribution, stating, “His leadership in the industry has inspired a new wave of entrepreneurs, proving that with modern techniques and the right mindset, shrimp farming can be a highly profitable venture.”

As Bangladesh’s shrimp sector continues to grow, it needs visionary leaders like Ripon who are willing to embrace innovation and overcome challenges. His journey—from a college student with a dream to a pioneer in sustainable shrimp farming—is an inspiration for the next generation of agri-entrepreneurs.

What’s next for Golam Kibria Ripon? He is already working on expanding production and exploring new export opportunities. If his past success is any indication, the future of Bangladesh’s shrimp industry looks brighter than ever with adopting modern methods and innovation.

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A Market That Runs Like Clockwork

As the first rays of sunlight illuminate the market, trucks from Cox’s Bazar hatcheries roll in, carrying millions of Bagda shrimp fry or Black Tiger (P. monodon) shrimp PL (Post-larvae). Within minutes, a crowd of traders, farm owners, and transporters gathers, ready to strike deals before the heat of the day sets in. The demand is immense, with buyers from Shyamnagar, Ashashuni, Debhata, Kaliganj, Tala, and even Khulna’s Paikgacha and Koyra securing their stock.

A single truck typically carries 2.5 to 2.7 million fry, and on any given day, 12 to 14 trucks arrive. By the time the market shuts down, transactions easily exceed $90,000. In peak seasons, sales can surge to over $250,000 per day as demand rises.

Fueling Bangladesh’s Shrimp Industry

Shrimp farming is a lifeline for hundred thousands of farmers in Bangladesh, and securing high-quality fry is the first step to a successful harvest. Farmers must carefully time their stocking cycles, preparing their ponds between November and December, and introducing fry from late December to October of next year. To maintain optimal production, farmers restock their enclosures every three weeks, with harvests beginning after 60 to 70 days.

“The entire industry depends on the availability of quality fry,” says Kazi Anisur Rahman, a local shrimp farmer. “A delayed or poor-quality batch can set farmers back for an entire season.”

Buyers vary in scale—from small-scale farmers buying 10,000 to 20,000 fry per trip to large aquaculture enterprises purchasing fry in bulk. Prices fluctuate based on demand but generally range from $3.50 to $4 per thousand fry.

The Backbone of a Growing Industry

The Satkhira Shrimp Fry Traders’ Association traces the market’s origins back to 1995-96, when shrimp farming first gained momentum in the region. Over the years, however, the physical space for the market has shrunk, forcing buyers and sellers to work efficiently within the two-hour window.

Despite these limitations, the trade continues to grow. During peak seasons, additional fry are flown into Jessore via cargo flights, before being trucked to Satkhira, significantly increasing both supply and prices.

According to the District Fisheries Office, Satkhira is home to 65,536 hectares of Bagda shrimp farms, requiring an estimated 3.2 to 3.5 billion shrimp fry annually. While most fry come from hatcheries in Cox’s Bazar, some are still sourced naturally from Sundarbans and other estuarine ecosystems.

The Road Ahead

Bangladesh’s shrimp exports falling in international markets overt the years due to low production in the country, so the demand for high-quality shrimp fry will only increased even more. Its mandatory to ensure the genetic strength of hatchery fry, maintaining sustainability in sourcing, and expanding market infrastructure to meet growing needs in the international level.

For now, though, Satkhira’s two-hour shrimp fry market remains a testament to the speed, precision, and resilience of Bangladesh’s thriving aquaculture industry.

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In the fiscal year 2023-24, the export value of fish and fisheries products from Khulna dropped by approximately USD 56.46 million. The fisheries inspection and quality control office in Khulna reported that only 41,000 tonnes of fish and related products, valued at USD 179.01 million, were exported during this period.

In comparison, the 2021-22 fiscal year saw the Department of Fisheries in Khulna, Satkhira, and Bagerhat exporting 33,271 tonnes of shrimp, white fish, and other fisheries goods, generating around USD 247.13 million. However, in the 2022-23 fiscal year, exports dropped to 28,316 tonnes, worth approximately USD 235.59 million, and further decreased to 25,196 tonnes in the 2023-24 fiscal year, with a value of USD 178.89 million.

The Khulna region has experienced a significant decrease in shrimp and white fish exports, with a reduction of 3,120 tonnes and USD 56.46 million compared to the previous fiscal year. Additionally, shrimp farming has declined across Khulna, Bagerhat, and Satkhira over the last five years.

Black Tiger shrimp (P. monodon) farming in saline water in Khulna has decreased from 36,151 hectares in the 2018-19 fiscal year to 32,383 hectares in the 2023-24 fiscal year. Similarly, Giant Freshwater prawn or Galda (M rosenbergii) farming in freshwater has decreased from 20,034 hectares to 19,016 hectares over the same period. This reduction in shrimp farming has resulted in a decrease of at least 3,500 tonnes of shrimp production.

Khulna Fisheries Officer Joydev Paul explained that the decline in global demand and value for shrimp has led many farmers to sell their products in local markets, where small-sized shrimp fetch higher prices than in international markets.

Lipton Sarder, a Fisheries Inspection and Quality Control officer, noted that the region also exports white fish such as Vetki (Barramundi), Pabda (Butterfish), Tengra (small catfish) and Parshe (Mullet) alongside shrimp. However, the global economic recession and ongoing conflicts have decreased the demand and value of these exports, further affecting the income from shrimp and fisheries exports.

Despite the challenges, 20 to 25 organizations continue to export regularly, though only 41 licensed exporters remain active. Mofidul Islam, a frozen shrimp exporter in Khulna, mentioned that frozen shrimp factories are struggling due to the shortage of Galda and Tiger shrimp, while operational costs, including wages and electricity bills, remain high.

Professor Amir Hossain (Rtd.), a resident of Bagerhat, pointed out that increasing salinity in water due to rising sea levels and cyclone-induced floods in southern Bangladesh has further hindered shrimp farming.

Humayun Kabir, Director of the Bangladesh Frozen Foods Exporters Association (BFFEA), stated that export-oriented shrimp factories are currently receiving only a quarter of the fish needed to meet global market demand.

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The study demonstrates that aquamimicry enhances the development performance and immunity of black tiger shrimp (Penaeus monodon). The culture approach is also successful in addressing disease issues in black tiger shrimp production.

Shrimp farming has emerged as a crucial economic endeavor due to its substantial contribution in meeting the need for protein and ensuring food security.

Conversely, shrimp aquaculture is under threat from unforeseen diseases that are the result of unusual pond settings, climate variability, and excessive application of commercial feed and pesticides as a result of intensification.

In addition, the high cost of feed poses a challenge for traditional aquaculture producers, as it inhibits their ability to keep pace with modern methods and maintain their practices.

Therefore, the development of affordable and environmentally friendly shrimp farming techniques is crucial for enhancing the economic and ecological sustainability of shrimp production.

One of the most cutting-edge and environmentally friendly methods used in the shrimp farming sector is aquamimicry, which uses naturally occurring prebiotics—fermented carbohydrates, for example—to produce live food—particularly “Copepod”—for the post-larvae before stocking. Later on, the fermentation process enhances the feed’s palatability, water solubility, nutritional digestibility, and immune system.

In summary, by producing zooplankton blooms (mostly copepods) as extra food for the cultivated shrimp and helpful microorganisms to preserve water quality, aquamimicry culture technique mimics natural settings.

Two fundamental purposes are served by the aquamimicry approach. First of all, it produces bioflocs to keep the ponds’ water quality high. Secondly, it also gives shrimp extra nutrients and sustains pond zooplankton.

Zooplankton, which is the natural diet for shrimp, consists of essential elements such as proteins, lipids, carbs, amino acids, vitamins, minerals, and fatty acids. As a result, it is commonly known as “nutritional capsules of life.”

Furthermore, aquamimicry technology offers the benefits of disease-free, cost-effective, and environmentally sustainable aquaculture production while also ensuring the creation of high-quality outputs through the reuse of organic nutrients.

This method is effective in reducing the feed conversion ratio, lowering water exchanges, and preventing disease.

According to the research, liquid fermented rice bran (LFRB) may serve as a partial substitute for commercial feed, potentially improving the growth, immunity, and survival rates of shrimp through the aquamimicry technique.

The research also revealed that shrimp on a diet consisting of 70% commercial feed (CF) and 30% low fishmeal replacement blend (LFRB) exhibited higher growth and survival rates, surpassing the performance of shrimp fed solely with 100% CF. 

The treated shrimp demonstrate improved resistance to Vibrio parahaemolyticus, as evidenced by a higher total hemocyte count and a healthier hepatopancreas.

However, there are two significant disadvantages to the aquamimicry approach: the potential difficulty of implementing this concept in indoor conditions and the necessity of using relatively large treatment ponds.

Nevertheless, aquamimicry culture technique is gaining popularity worldwide due to its apparent ability to produce crustaceans of superior quality at a reduced cost and in a more sustainable manner. Undoubtedly, a new standard in shrimp aquaculture will be developed, and future generations in the industry will benefit from the interpretation of the aquamimicry concept.

Jaber Bin Abdul Bari
Department of Oceanography, NSTU

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Shrimp used to hold the position of being the second-largest export product contributing to foreign exchange earnings in Bangladesh. Spread across 1,52,496 hectares of land, shrimp cultivation heavily relies on fry supplied by hatcheries, particularly those in Cox’s Bazar, catering to regions such as Satkhira, Khulna, and Bagerhat.

Broodstock, sourced from the deep sea by ships, serve as the foundation for fry production. However, in March, the harvest yielded fewer than 5,000 broodstock. It was about 20-34 thousand by 40 ships during this time earlier. Each mother shrimp has the potential to yield up to 60,000 fry.

The Shrimp Hatchery Association of Bangladesh (SHAB) Secretary General, Mohammad Najibul Islam, reported that despite setting a target of 500 million fry, only 250 million were produced by Cox’s Bazar’s 30 hatcheries. This shortfall has led to market crises, with many resorting to the illegal sale of low-quality fry.

Recent observations at Balaka Hatchery in Sonarpara revealed a specialized production process for fry from mother shrimp. Despite efforts, the hatchery fell short of its target of producing 110 million fry, managing only 52 million due to the broodstock shortage.

The production cost per hatchery has surged, now standing at $0.005. Transporting each “fry” to Satkhira via cargo plane costs $0.0012 totaling $0.0057 per fry. However, the market is flooded with low-quality disease prone fry priced at $0.0027 to $0.0032, resulting in losses for hatcheries.

Mother shrimp take 30 days to hatch from eggs, and within 25 days, the fry must be released into the enclosure. Hatchery managers, like Md. Alamgir of Kalatali Beach Quality Shrimp Hatchery, have been purchasing mother shrimp at additional costs to sustain fry production despite rising expenses.

Concerns over the hatchery’s vulnerability to high temperatures have prompted the use of cargo aircraft for swift fry delivery from Cox’s Bazar to Khulna-Satkhira. However, the reduction in available cargo planes from four to two has disrupted transportation, resulting in increased shrimp-fry mortality during lengthy road journeys.

SHAB President Ashek Ullah stressed the importance of timely supply of quality fry to sustain Bangladesh’s shrimp industry, which annually contributes over 3000 crores to foreign exchange earnings. Efforts are underway to address the shortage of mother shrimp and control shrimp diseases, ensuring the industry’s stability and growth. District Fisheries Officer, Badruzzaman, highlighted ongoing initiatives in this regard.

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Data from the Department of Fisheries Inspection and Quality Control reveals a concerning trend. In the fiscal year 2021-22, 24,104 MT of frozen shrimp were exported. However, in 2022-23, this figure dropped by 4,000 MT to 19,904 tons. The first six months of the current financial year saw 9,971 MT of shrimp exported, marking a 3,000 MT decrease compared to the corresponding period last year.

The initial target for shrimp export earnings in the first quarter of the current financial year was US $158.7 million, but the income fell by US $54.6 million, reaching US $102.13 million. The high price of shrimp in Bangladesh has hampered its competitiveness in the global market, and the recent decision by the government to reduce the one percent incentive has further impacted exporters.

Sujan Ahmed, General Secretary of the Seafood Export Buying Agent Association of Bangladesh, highlighted internal issues contributing to Bangladesh’s struggle in the shrimp export market. He mentioned instances where Bangladeshi shrimp, due to various reasons such as short weight, were rejected by several countries, leading to a loss of interest among buyers. The decision to cut incentives, Ahmed warns, could exacerbate the existing deficit in the export sector.

Kazi Belayet Hossain, President of the Bangladesh Frozen Food Exporters Association, shared similar concerns, predicting that the reduction in the one percent incentive for shrimp exports could intensify production deficits, resulting in a further decline in exports.

While the Directorate of Fisheries Inspection and Quality Control in Khulna has suggested focusing on the export of value-added products to boost exports, there is no clear stance on the reduction of incentives. Monirul Islam, Deputy Director of the Fisheries Inspection and Quality Control Department, hinted at exploring the possibility of importing shrimp, repackaging it, and re-exporting it as a potential strategy.

As Bangladesh grapples with the challenges facing its shrimp export industry, stakeholders are urging a reconsideration of the decision to reduce incentives, emphasizing the need for comprehensive strategies to enhance competitiveness and revive the country’s position in the global market.

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As South Korea cements its position as a global hub for technology and innovation, it offers abundant opportunities for startups, even for foreign entrepreneurs. However, navigating the uncertainties and addressing certain governmental challenges pose unique obstacles, particularly for foreigners and international students venturing into entrepreneurship in a foreign land.

Andrua Haque, a 24-year-old student from Bangladesh currently studying at Seoul National University, is embracing the entrepreneurial journey with his startup, MFM Korea, established in May. The startup aims to create job opportunities for women through resource recycling, specifically focusing on upcycling byproducts of tiger shrimp to produce premium pet food. The venture, currently in its pre-production phase, is actively engaged with investors and refining operations through various startup incubation programs.

In an interview with the Korea JoongAng Daily, Haque shared insights into Korea’s startup culture and infrastructure.

Q. Can you introduce yourself and your startup to our readers?

A. I am Andrua Haque, a 24-year-old majoring in political science and international relations, in my final semester as an undergraduate. I was born and raised in Korea, though originally from Bangladesh. Our startup, MFM Korea, focuses on upcycling Black Tiger shrimp (shells and waste) byproducts to produce premium pet food, contributing to reducing water pollution caused by illegal dumping.

Do you have a particular reason for choosing the pet food-tech and upcycling industry?

Our initial goal was to address a social issue in Bangladesh related to the shrimp sector. Upon research, we discovered significant challenges, such as the exploitation of women in the shrimp sector and environmental issues arising from illegal dumping. To tackle these issues, we explored the growing pet food market and leveraged the nutrient-rich tiger shrimp byproducts to create premium pet food.

Does Korea provide a good environment to launch a startup?

Yes, Korea offers a significant advantage due to its high-quality upcycling technology and substantial investment funds, particularly in food tech and upcycling businesses. Despite being a pre-stage startup, we have access to substantial funds available in Korea.

How is Korea’s upcycling industry more competitive?

Korea’s advanced technology sector and its commitment to addressing environmental issues have positioned it at the forefront of the upcycling industry. The rapid growth of the upcycling sector, doubling in market size from 2014 to 2020, reflects Korea’s capacity for research and development in this field. The upcycling industry in Korea is more competitive compared to other countries, especially in Asia.

How did your entrepreneurial journey start in Korea?

My friend and I, both interested in startups and social issues, participated in a global non-profit organization program by SK Happiness Foundation. This experience laid the foundation for our startup, MFM Korea. Subsequently, we joined various incubation and acceleration programs, winning prizes and gaining support.

Have you used other support available for startups in Korea, such as governmental programs or university-linked programs?

We participated in programs by SK Happiness Foundation, H-On-Dream (Hyundai Motor Chung Mong-Koo Foundation), Koica’s CTS Seed 0 program, and Korea Social Enterprise Promotion Agency’s Social Venture Competition. These programs provided the necessary funds and investments for our startup.

Are there enough funding and investment opportunities for entrepreneurs in Korea?

In Korea, there are ample opportunities for funding and investment, especially for tech-based startups. However, social ventures without a tech aspect may face challenges in securing investments due to complex incorporation and funding laws.

How would you describe the networking opportunities available for foreign entrepreneurs in Korea?

Networking can be challenging for foreign entrepreneurs, but various platforms exist. As full-time students, my co-founder and I primarily engage in networking through student startup programs. While there are many platforms, time constraints make it challenging to attend events regularly.

Have you encountered any cultural or business-related challenges during your journey? If so, how did you overcome them?

As a student on a D-2 visa, I cannot generate income as the startup founder. After graduation, I plan to obtain a D-8-4 startup visa, and while there are point systems for this, many foreign entrepreneurs find it relatively easy to acquire.

In which market will you be selling your products once manufacturing and distribution are sorted?

Our target markets are Korea and Bangladesh. Conducting minimum viable product tests, we are analyzing market dynamics and consumer response. Our flexibility as a pre-stage startup allows us to make informed decisions about the future of our company.

How do you think Korea can support its startups better?

I believe there should be more accessible classes or programs at the university level, introducing students to the startup field. These programs, particularly for tech-based startups, could create awareness among students about the vast opportunities available in this booming sector. Simultaneously, understanding the associated risks is crucial.

This interview has first published by Student Reporter Lee Che-Eun [kjd.kcampus@joongang.co.kr]

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