Fisheries Industry in Bangladesh

Fisheries Industry in Bangladesh is one of the most potential earning sectors of the country. Bangladesh is an agrarian economy and is naturally endowed with a huge inland fresh water resources and the world’s longest sandy sea beach for the grate habitat of Shrimp. Now Bangladesh stands fourth largest inland water fish producing country in world, according to this year’s report of the UN’s Food and Agricultural Organization (FAO). Bangladesh still imports fish from neighboring countries to fulfill local demand though is one of famous shrimp exporting country in the world market. The country produced 36.84 lakh tones of fish during 2014-15 against the annual demand of 42 lakh tones as its production increases by one lakh tone annually on the way to achieve self-dependence of internal demand.

Bangladesh is the world’s largest flooded wetland and the third largest aquatic biodiversity in Asia behind only to China and India, so Bangladesh is considered as one the most suitable region for aquaculture and fisheries in the world. The land has about 45,000 km2 of inland fresh water and around 710 km long coastal belt of salinity or mixing water. The southern region and costal belt are cultivating huge amount of shrimp, in fiscal year 2013-14 Bangladesh earned USD by exporting shrimp in global market and last fiscal was USD 509.725 million, According to the Export Promotion Bureau (EPB) data. Shrimp is the mail product for Frozen food export of Bangladesh and domestic demand of shrimp is growing so must be increased production to export more of Fisheries and earned foreign currency; fisheries is a by-product of  Agro-based Industry of Bangladesh.

Generally, fisheries or fishing industries is needed of land, fishing equipment and huge labor for cultivating fish and also needed modern technologies & medicine for increasing productivities; so large or medium investment needed to set up fisheries industry. Some entrepreneurs are jointly operating a fisheries industry by setting up a Joint Stock Company in Bangladesh because of single entrepreneur cannot afford to invest a large capital on this sector. When two or more entrepreneurs establish a business of Fisheries Industry, at this stage must be needed Partnership Firm Registration or Company Registration at RJSC (Office of the Register of Joint Stock Companies and Farms). Being invest a large capital on this Fishing Industry, limited Company Registration at RJSC is the best way to set up Fisheries Industry in Bangladesh; because in these businesses stake holder can leave or join newly by Share Transfer and Share Allotment of RJSC for this reason there is innovative ideas, accumulation technological thoughts, discovering new markets for the Fisheries Industry in Bangladesh.

After getting company Incorporation certificate (Company Registration Certificate), we collect company’s Trade License from local authorities and VAT Registration Certificate for doing business into the country. If we want to do international or Export and Import business must be needed Export Registration Certificate and Import Registration Certificate from CCI&E (Office of the Chief Controller of Imparts & Exports) for exporting Bangladeshi goods to other countries and importing goods from foreign countries.

Bangladesh fisheries Industry is a very much lucrative business of agro-based sector of the country because of highly demands of Bangladeshi agro products and foods, frozen foods and vegetables in the UK, EU, Meddle East and the US market for using at Indian and Bangladeshi Restaurants; Bangladeshi & Indian restaurant foods is famous dine/ day out of western life in recent days that’s the grate sign of our Shrimp & Frozen Foods business. Most of  the European, UK and the US Bangladeshi & Indian restaurants importing their kitchen raw materials from Bangladesh. Bangladeshi Shrimp is the main items of Frozen food export of Bangladesh and also chief goods of earning source of Fisheries Industry in Bangladesh.



Author: Aman123