Expatriates from Bangladesh, India, and Myanmar are among the primary consumers of these imported fish in Singapore, creating a vibrant market for these culinary delicacies.

The streets of Singapore, especially those around Mustafa Centaur in Little India, are adorned with markets where a substantial population of Bangladeshi and Indian expatriates resides. These markets have become a hub for the procurement of these imported food items.

For instance, the E-Hong Mini Mart, a China-based shop located in Little India, sells three pieces of Hilsa (Tenualosa ilisha) fish for SGD $10. To put this in perspective, one Singapore dollar equals BDT 80.83 (SGD $1 equals US $0.73) according to the exchange rate set by the Bangladesh Bank. (News: The Business Post)

When it comes to Hilsa fish, it’s all about the weight. Three-piece Hilsa fish packets typically range from 1.3 to 1.4 kilograms, resulting in individual Hilsa fish weighing between 433 and 470 grams. This allows Bangladeshi and Indian expatriates in Singapore to indulge in Hilsa at a price point of SGD $7.83 or BDT 630 (US $5.71) per kilogram. Slightly larger Hilsa fish packets, weighing between 500-700 grams, are priced at SGD $14 or BDT 1126 (US $10.26), equating to a cost of BDT 475-540 (US $4.31 – $4.90) per kilogram. Where as in Bangladesh’s local wet markets, 1kg of Hilsa fish weighing 500-700 grams are being sold at BDT 850-1200 (US $7.71-10.88).

Singapore’s fish market presents unique challenges for those involved in the import and sale of these seafood delicacies. Despite Bangladesh being a significant producer of Hilsa fish, the primary source for farmed fish (like Catla, Rohu, Butter fish etc), including hilsa, in Singapore is Myanmar.

Shariful Ahmed, the Managing Director of E-Hong, explains, “As there is no approval for Hilsa export from Bangladesh to Singapore, we are compelled to procure it from Myanmar. Our customer base for Hilsa includes expatriates from Bangladesh, Myanmar, and India, and we price our Hilsa products strategically to ensure not only a break-even but a substantial profit margin.”

The international Hilsa trade also faces the complexities of high costs and certification processes. Sakhawat Hossain Sharif, in-charge of Commodity Connect, notes, “Importing fish directly from Bangladesh is impractical for two main reasons. Firstly, the prices in Myanmar are considerably more competitive compared to those in Bangladesh, making it challenging to conduct business by sourcing from Bangladesh.”

Another significant challenge is the extended certification process in Bangladesh, coupled with logistical complexities. This often results in a considerably longer timeline when sourcing fish from Bangladesh, which can take up to a week due to various complexities and a lack of cooperation from officials in the Department of Fisheries.

Global Hilsa fish production

In a global context, Bangladesh is a significant contributor to Hilsa fish production, accounting for 65 percent of the world’s total. India follows with 15 percent, while Myanmar, along with countries bordering the Arabian Sea, Pacific, and Atlantic Oceans, makes up the remaining 10 percent. This highlights the significance of hilsa fish in the global market and the pivotal role Bangladesh plays in its production.

The challenges in exporting and the shifting dynamics of the Hilsa trade have had repercussions for Bangladesh. According to data from the Export Promotion Bureau (EPB), export earnings from frozen and fresh fish, including shrimp, decreased by 21 percent to $42.2 million in the last fiscal year. The evolving dynamics of the hilsa trade underline the complex interplay of international markets, regulations, and consumer demand.

The post Hilsa fish costs lower in Singapore than Bangladesh appeared first on Seafood Network BD.

Today, the company’s operations extend far beyond transporting up to 70,000 shipping containers annually between Turkey and Israel. Tiran Group is deeply involved in aquaculture, specializing in the breeding of red tilapia fish in Israel and freshwater prawns in Asia, specifically China and Vietnam.

Haim Avioz, the visionary founder of Israeli Tiran Group, emphasized the rising global demand for seafood, primarily driven by consumers in Asia, home to over 60% of the world’s population. As the fishing industry faces a crisis due to overfishing and climate change, aquatech, or farming with innovative technology, is seen as a sustainable solution and the future of seafood production.

“We are already active with prawn farms in China, Vietnam, and Singapore,” Mr. Avioz, also the CEO of Tiran and New Horizon, revealed. “We are already selling our products to Cambodia, Taiwan, Thailand, Malaysia, Bangladesh, Brunei, and more, and are exploring markets in Indonesia, India, and the Philippines.”

China alone presents a colossal demand for newly hatched prawns worth more than US$100 billion annually, but only US$5 billion of this demand is currently met. Tiran Group aims to bridge this gap.

In Singapore, Tiran is collaborating with Opal Resources Farm to breed and sell male-only freshwater prawns. This innovation is driven by a unique technology developed at the National Institute of Biotechnology at Ben Gurion University of the Negev in Israel. The patented technology employs gene silencing without hormones, chemicals, or genetic modifications, resulting in a higher yield of male prawns with minimal mortality rates.

Economic analysis demonstrates that an all-male prawn population generates approximately 60% more income compared to mixed or all-female populations. Male prawns grow significantly larger than their female counterparts, a fact that contributes to their increased economic value.

Singapore was strategically chosen as Tiran’s base due to its global and regional connectivity, which ensures shorter delivery times to target markets and lower air freight costs. Singapore’s straightforward regulatory environment further solidified the decision.

Furthermore, Mr. Avioz has initiated discussions with the Singapore Food Agency to collaborate on water-saving fish farming systems. Tiran’s aquaculture farm in Nir David, Israel, producing 150 tonnes of seafood per year, is a model that Singapore can replicate. This efficient operation uses patented MegaFlow Technology, which introduces fresh air into water while removing carbon dioxide.

Tiran Group is also exploring partnerships for water treatment with Singapore’s Urban Redevelopment Authority and Housing Board, incorporating the NUF membrane, known for its water purification capabilities.

Despite facing challenges during the COVID-19 pandemic, which halted overseas expansion plans, Tiran Group is experiencing a strong rebound in demand from the region. Prior to the pandemic, seafood contributed around US$1 million annually to Tiran’s revenue. With the current resurgence in demand, it is expected to reach US$5 million to US$10 million annually in the next two to three years.

One of Tiran’s prominent markets is Thailand, well-known for its love of giant prawns, considered a delicacy. Bangladesh, an emerging market, holds the potential to push the group’s sales beyond US$20 million annually, and discussions are underway with interested parties in Indonesia.

In a significant development, Zhuhai Agricultural Investment Holding Group signed US$3 million worth of deals with Tiran at the 3rd China-Israel Investment Summit. The collaboration aims to incubate high-tech agricultural projects. Zhuhai CLZ Investment, a subsidiary of Zhuhai Agricultural Investment Holding Group, will jointly cultivate all-male giant freshwater prawn larvae and young prawns.

The rise of aquatech and food tech companies like Tiran Group underscores the global significance of innovation in meeting food security challenges. As Israeli Ambassador to Singapore Eli Vered Hazan observed, Israel’s history of innovation driven by survival constraints has paved the way for transformative technologies in aquatech and food tech, benefiting not only itself but also other countries striving to enhance their food security.

The post Israeli Tiran group, anchors at Singapore to meet the Asia’s seafood gap appeared first on Seafood Network BD.