Bangladesh's Fish and Seafood Export Sector to Witness Significant Growth

Strategic Insights -

Bangladesh's fish and seafood export sector is on the cusp of a major growth spurt, driven by the development of the under-construction Moheshkhali-Matarbari deep seaport. This massive port, being built with Japanese assistance, will ease congestion at Chattogram Port and enable direct handling of larger vessels, having a direct impact on the fisheries sector. The new port will drastically reduce shipment time for perishable goods like frozen fish and seafood, opening up Bangladesh to international markets with stricter freshness standards.

Key Takeaways:

  • The Moheshkhali-Matarbari deep seaport is expected to play a key role in easing congestion at Chattogram Port and enabling direct handling of larger vessels, thus boosting the fish and seafood export sector.
  • The new port will reduce shipment time for perishable goods like frozen fish and seafood, giving Bangladesh better access to international markets with stricter freshness standards.
  • The port will directly benefit the fisheries sector, which requires maintaining cold chain integrity and minimizing transport times.
  • Bangladesh is part of the Indian Ocean Tuna Commission (IOTC), allowing the country to fish in certain territories of the Indian Ocean, but the quota remains unfulfilled year after year.
  • The Ministry of Fisheries and Livestock has permitted the manufacturing or import of 28 longliner fishing vessels to address the issue of unfulfilled quotas and encourage deep sea fishing.
  • The new port will reduce processing time and cost on exporting and potentially make way for value-added product exports like fillet, smoked fish, ready-to-eat seafood, etc.
  • The potential of scallop processing and exporting worth US$ 500 million, coupled with the robust logistics of the Moheshkhali-Matarbari Development Authority (MIDA), is expected to bring a new wave of Foreign Direct Investment (FDI) into the country.

Mohabbat Ali, a fisherman of Matarbari, expresses his optimism about the new port, saying, "If the fish we catch are exported, we will get fair prices of our catches, which help improve our living standards." Nurul Islam, a local fish trader at Moheshkhali, also hopes that the new port will give them better access to international markets with stricter freshness standards.

Statistics:

  • 7% of the global fisheries come from the Bay of Bengal.
  • Over 450 million people rely on the blue economy.
  • Bangladesh is a member of the Indian Ocean Tuna Commission (IOTC).
  • The Ministry of Fisheries and Livestock has permitted the manufacturing or import of 28 longliner fishing vessels.
  • The potential of scallop processing and exporting is worth US$ 500 million.

Sources:

  • The official news Agency of Bangladesh (BSS)
  • Moheshkhali-Matarbari Integrated Infrastructure Development Initiative
  • Ministry of Fisheries and Livestock of Bangladesh
  • Indian Ocean Tuna Commission (IOTC)