Bangladesh Investment Development Authority (BIDA) Executive Chairman Lokman Hossain Mia believes that by utilizing the country’s blue economy effectively, Bangladesh can generate $5 billion in revenue from seafood exports within the next five years. 

Mia highlighted that Bangladesh has a maritime boundary spanning 170,000 square kilometers, providing access to a 460-nautical mile area for seafood collection. 

He expressed his optimism regarding the blue economy’s potential to significantly boost seafood exports.

Currently, Bangladesh earns $500 million from exporting 30,000 tonnes of seafood. BIDA and Solidaridad Network Asia (SNA) have signed a Memorandum of Understanding (MoU) to enhance the seafood sector further and contribute to the blue economy. 

The MoU aims to promote and develop the Bangladeshi seafood sector, expand its market share in the international arena, and attract investment.

Lokman Hossain Mia emphasized the need for modern, well-equipped ships to utilize the vast blue economy effectively. 

He mentioned the high global demand and price for salmon and tuna fish, which are not currently caught due to the lack of suitable vessels. 

Mia called for initiatives to harness underwater resources using modern technologies, stressing the importance of attracting more investment in the blue economy sector.

Under the MoU, BIDA, and Solidaridad Network Asia will collaborate to showcase Bangladesh’s seafood to both local and global buyers. 

They also aim to attract investment from domestic and international stakeholders, including governments, NGOs, and various other entities. Solidaridad Network Asia’s Strategic Engagement Lead for Aquaculture, Moin Uddin Ahmed, revealed ongoing discussions with European investors to increase investment in the sector.

To further promote the seafood industry, the Ministry of Fisheries and Livestock, the Department of Fisheries, the Ministry of Commerce, BIDA, the Bangladesh Frozen Foods Exporters Association, and Solidaridad are organizing a three-day seafood show in October. 

The event, titled Bangladesh International Aquaculture and Seafood Show-2023, is scheduled to take place from October 19 to 21 at the Bangabandhu International Convention Center (BICC) in the capital city.