A once-reliable pillar of our export economy, Bangladesh’s shrimp sector now stands at a critical turning point. Recent projections by the Export Promotion Bureau (EPB), suggesting that the industry could reach $5 billion in exports in half a decade, offer an optimistic picture for the future of the industry.
This is not an unrealistic prediction by any means: In the 2014-15 fiscal year, shrimp exports reportedly earned the country $529 million, and while the numbers experienced a drastic decline afterwards, recent figures have started showing some promise.
This is not cause for celebration, however; our projections must include meaningful efforts rather than hope alone.
Despite a strong global demand for shrimp and Bangladesh possessing the potential to meet said demand with its extensive coastal resources, it is unfortunate that our industry has continued to lag behind its competitors -- not due to a lack of capacity, but rather structural failings that have held the sector back.
This disconnect between potential and performance is a threat to an industry that could contribute significantly to our economy -- especially at a time when we so urgently need to diversify our export basket.
Now is the time for deliberate planning and action. Shrimp farmers must be facilitated with the proper training and guidance on disease management and best practices in order to most effectively produce more.
It is good to hear that certain steps are already underway to make this prospect a reality, including low-interest loans being offered to small-scale farmers to optimize our resources. Additionally, investment, quality control, and strict monitoring will be essential in ensuring a sustainable export supply.
Bangladesh’s shrimp sector can thrive again -- but only if we match our ambitions with action.