October 2, 2009

Bangladesh's shrimp export earnings can reach US$1 billion by 2011 if traders can comply with the food safety standards of its major overseas markets, Commerce Minister Faruk Khan said Wednesday (Sep 30).

Khan said the current contribution of shrimp sector to the national exchequer amounts to around half a billion and that can be doubled within the next two years.

However, he added that the local shrimp industry must also act in accordance with the environmental issues in their cultivation process so that the ecological standard is not obliterated.

The minister's remark came at a time when the local shrimp industry - the country's second largest forex earning sector, has entered its toughest times in decades with the imposition of a voluntary ban on export beginning from May in the backdrop of series of 'rapid alert' notice from one of its largest market EU.

This has been a major blow in the export potential of the 'golden fish' which was already said to be hit by the global recession, as the foreign exchange earning from the sector has been reduced to US$454.53 million, down by 14.89 percent from the previous fiscal.

Referring to the situation, Khan hopes that the self imposed ban would be lifted by the end of the year 2009.

He emphasised on increasing the production, citing that the country's production rate is significantly lower than major competitors like Thailand and India.