In a significant move to unlock the potential of its maritime resources, the Maheshkhali Integrated Development Authority (MIDA) convened a high-level inter-ministerial meeting on Monday, October 13, to accelerate the development of deep-sea fisheries and the broader blue economy.
Held at BIDA Bhaban in Agargaon, the consultative session brought together senior officials from key ministries and regulatory bodies – including Fisheries and Livestock, Commerce, Environment, the National Board of Revenue (NBR), Bangladesh Economic Zone Authority (BEZA), and Cox’s Bazar District Administration – to finalise an eight-point action plan aimed at transforming Bangladesh into a competitive player in global seafood markets.
Chaired by MIDA Executive Chairman Ashiq Chowdhury, the meeting formally elevated deep-sea fishing to the status of a national development pillar—joining industrialisation, energy, and deep-sea port infrastructure as core strategic priorities for Maheshkhali Island.
“The strategic location of Maheshkhali holds immense, universally recognised potential,” Chowdhury stated. “With the endorsement of the Hon’ble Chief Adviser, we are now integrating deep-sea fisheries into our long-term vision and creating an investment-friendly ecosystem to attract both domestic and foreign capital.”
Business-friendly measures approved
The most consequential decision for the export sector is the introduction of bonded warehouse facilities for the import of raw materials destined exclusively for 100% export-oriented seafood processing. This will allow processors to import marine products – such as tuna, salmon, scallops, and vannamei shrimp –duty-free, provided they are re-exported, significantly lowering operational costs and improving competitiveness.
Other critical measures include:
Streamlined licensing for deep-sea fishing, with commitments to issue permits for long-liners and support vessels within a defined timeframe.
Fast-tracking approval for a dedicated deep-sea trawler jetty at Khurushkul of Cox’s Bazar, a vital infrastructure project to support offshore operations.
Launch of an online, single-window approval system for the import, processing, and re-export of high-value marine species.
Permission to process and export local by-catch species, reducing waste and creating new revenue streams.
Land allocation for expanding mariculture (marine aquaculture) along coastal zones.
Special fiscal incentives, including reduced electricity tariffs, for shrimp and seafood processing industries.
Mandatory registration of all fishing vessels to combat illegal, unreported, and unregulated (IUU) fishing and align with international sustainability standards.
MIDA Executive Member Commodore Tanjim Faruk presented the detailed roadmap, while Executive Member Md. Sarwar Alam underscored the urgency of policy reforms to match investor expectations.
The authority confirmed it will now integrate these decisions into a formal implementation framework, to be advanced through ongoing stakeholder consultations.
Strategic implications
Analysts view the initiative as a timely response to growing global demand for sustainably sourced seafood and Bangladesh’s ambition to diversify beyond traditional exports like garments. By enabling duty-free raw material imports and modernising regulatory processes, the government aims to position the country as a regional hub for value-added seafood processing—particularly for EU and Middle Eastern markets with stringent quality and traceability requirements.
With Maheshkhali emerging as a multi-sectoral economic corridor, the blue economy could soon become a cornerstone of Bangladesh’s export-led growth strategy.