Entrepreneurs showcase next generation sustainable aquaculture systems

LAHORE: Sea food demand is estimated to be over 200 million tons per annum by the year 2030 and aquaculture will be supplying 63 per cent of this demand. Thirty years ago most of the shrimps and salmon consumed were wild but today more than 70 per cent is farmed.

Speakers made these observations at an event arranged by the US Soybean Export Council (USSEC) ‘AquaCon Invest’ which served as a platform dedicated to connecting aquaculture start-ups from South Asia with venture capital and private equity firms.

While the primary objective was to foster collaboration and co-creation among over 40 aquaculture start-ups from India, Bangladesh, and Pakistan, the entrepreneurs showcased next generation sustainable aquaculture systems and innovations that were appreciated collectively by the audience.

The gathering enabled potential investors gain deeper insights into their ventures and potentially form partnerships.

It was also shared at the event that fish now accounts for almost 17 per cent of the global population’s intake of protein and this sector provided jobs for some 80 million people in 2021 out of which, 84 per cent were employed in Asia.

Speakers from the aquaculture industry also shared their expertise and insights on the use of technologies in soybean farming, initiatives by USSEC in training manpower for scientific aquaculture practices, U.S. Soy Sustainability , the role of nutrition in aquaculture to name a few.

Commenting on the success of the event, Jim Douglas, Director - United Soybean Board & Chair - Indiana Soybean Alliance Executive Committee, USA, said “AquaCon provided a unique platform for start-ups and investors to meet, exchange ideas, and foster valuable connections.

The overwhelmingly positive feedback from participants and the fruitful discussions that took place underscored the event’s significance in driving the growth and advancement of the aquaculture industry. USSEC should pride itself to have played a pivotal role in bringing together key stakeholders and facilitating meaningful collaborations.“

One of the highlights of the event was the opportunity for start-ups to pitch their aquaculture idea in 5 minutes which received overwhelming participation. Two start-ups each from India, Pakistan and Bangladesh pitched their ideas to grab attention of the investors.

“Through this event, we have taken a significant step towards building a sustainable future for the aquaculture industry in South Asia. Globalization and innovation in this industry will play a key role in accelerating and elevating the sector. South Asia has a massive geographical advantage, thanks to the huge coastal line shared by the different countries.

Therefore, with the use of latest best practices, technology and collaboration the future of the aquaculture industry holds immense potential. We are dedicated to continuing our efforts in making a meaningful impact, reinforcing our commitment to innovation ecosystem, and creating a better future for this sector,“ added Kevin Roepke, Regional Director South Asia and Sub-Saharan Africa, USSEC while talking to Business Recorder.

Deeba Giannoulis, Head of US Soy Sustainability and Marketing, speaking on this occasion said FAO indicates that by the year 2030 a 12.8pc increase in aquaculture products would be required to meet growing global demand for seafood.

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