Potentials of Blue Economy in Bangladesh

Blue Economy as an idea was first founded by Belgian economist Professor Gunter Pauli in 1994. Bangladesh is one of the five maritime nations in South Asia. Moreover, Bangladesh being a littoral nation depends on the Bay of Bengal for its economic development to a great extent. Her inherited and historic dependency on the sea focuses on the recently emerged concept of the blue economy.

One of the important components of the blue economy for Bangladesh is the marine fishery. Moreover, the Bay of Bengal is considered as a potential ground for the natural growth of various fishes which contribute to supply 52 percent of animal-based protein in Bangladesh. As such a deep necessity is felt to have suitable research vessels to carry out a holistic survey in the Bay of Bengal. The concept of the blue economy in Bangladesh come after the adjustment of maritime boundary demarcation debate with Myanmar (2012) and India (2014).

The government has recently induced dialogues with the stakeholders to assimilate unworked potential of the marine ambience conduct effective realization and variation for increasing improving nutrition, food security, inventing jobs, health, poverty, industrial profiles while observing ecosystem health as well as biodiversity, and also progressing regional security and peace. Geographically, Bangladesh has a water area of 18,290 square kilometers which is 6% of its total area. Bangladesh has 12 nautical miles of local sea area, 18 nautical miles adjoining zone, and 200 nautical miles of the economic zone.

The Bay of Bengal blesses Bangladesh and the sea is used by us for local and foreign trading as well as flow from very past, still, we have a lot of things to research from the maritime area and alsoensure proper use of marine resources. The socio-economic improvement of coastal nationsis one of the critical factors contributed by it. in the Bay of Bengal through the arrangement of sea debate with India and Myanmar have been gained a large area by Bangladesh.

The Blue economy is a new way to characterize ocean economic growth, the first to occur between many island nations, including small developing countries. The Blue Economy idea is now gaining recognition in some of the most influential and biggest countries in the world, such as China and the United States, to encourage the production of their abundant ocean and coastal resources.

The emphasis on the Blue Economy will eventually be paid off by enabling economic development to thrive with environmental sustainability Thus, Bangladesh with its potentiality can take advantage of the Blue Economy. Major maritime-based economic resources are identified such as Living Resources (Marine Non-Traditional Species, Marine Biotechnology), Non-Living Resources (Gas, Oil, Mineral, Sea Salt), Marine Resources, Marine Renewable Energy and Other Resources (Shipping, Marine Trade, Transport and Tourism, Maritime Surveillance, Marine spatial planning [MSP]). These resources have future potential benefits to Fishermen, Entrepreneurs, Government, Tourists, and General Population.

Bangladesh has immense potential to utilize the Blue Economy concept for the betterment of its economy. To attain the expected goal different stakeholders should work together. Some recommendations can be drawn below for the useful implementation of the Blue Economy concept in our country.

  1. Based on our in-depth analysis regarding policymaking on Sustainable Blue Economy (SBE), Bangladesh should adopt some key initiatives in this context. The policymakers should put into action the following strategies which are necessary for our overall socio-economic development.
  2. At the primary period 3/5 years scheme for Blue Economy program, completed by the Ministry of ICT for technological support, the Ministry of Fisheries and Livestock, Ministry of Water Resources, Ministry of Shipping, Ministry of Planning, and Ministry of Finance.
  3. Technological and other collaboration in Bangladesh can guide from one of the major Blue Economy conquest statements reported by UNEP (2015). We can go for exchange collaboration and some adept technical knowledge for exchange.
  4. We have to take some effective measures to reduce the pollution of the other environmental degradation and seawater for Sustainable Blue Economy.
  5. Initial Adequate infrastructural improvements are needed to enhance maritime and coastal tourism since the tourism industry has become an emerging source of national income.
  6. Government, businesses, and community partnerships (public private partnerships) should be developed through business connectivity and integrated infrastructure.

Dr. Md Nazmus Sadekin is a Chairman Department of Economics at Mawlana Bhashani Science and Technology University, Tangail

This article was originally shared by Daily Asian Age.