Blue economy aims to improve livelihoods, grow the economy, and develop the ocean ecosystem through the sustainable use of ocean resources. As well as promoting economic development, blue economy emphasizes the importance of preserving and protecting ocean resources.
However, having a long coastline and a huge population that depends on the ocean for their livelihood makes the blue economy important for Bangladesh.
Further, Bangladesh has a great deal of reliance on the Bay of Bengal for its economic development. Due to her inherited and historical dependence on the sea, the blue economy concept has recently gained traction.
Developing the Blue Economy in Bangladesh has the potential to boost the economy to a much higher level. The MoFA identified 26 potential sectors for Bangladesh’s blue economy, including fisheries, maritime trade, shipping, energy, tourism, coastal protection, maritime safety, and surveillance.
In Bangladesh, the marine fishery plays an important role in the blue economy. In the Bay of Bengal, Bangladesh has an exclusive economic zone of 200 nautical miles that extends for 710 km.
A total of 19.40 percent of the country’s fish production comes from marine fisheries. Providing 4% of the country’s GDP and employing millions of workers, the fisheries industry contributes significantly to the country’s economic growth. The Bay of Bengal has an estimated 8.0 million tons of fish available but Bangladesh catches just 0.70 million tons of fish every year. As the country’s southern coastal region grows economically, the Bay of Bengal contributes significantly to its overall socio-economic development.
It is important to note that 15.0 percent of the protein consumed by people worldwide comes from sea resources. Since ocean resources are vital to many people’s livelihoods and food security, increased efforts should be put into protecting them.
According to Lokman Hossain Mia, Executive Chairman of Bangladesh Investment Development Authority (BIDA), Bangladesh can earn $5 billion from seafood exports in five years by utilizing the blue economy properly.
“We have a 1.7 lakh square kilometer maritime boundary through which we can export seafood to an area of 460 nautical miles. If we utilize this blue economy effectively, we can earn $5 billion in five years by exporting seafood,” he said.
Lokman Hossain Mia said, “In the absence of well-equipped modern ships, we are unable to take full advantage of our vast blue economy. Due to the high price and demand for salmon and tuna in the deep sea, we should take the initiative to collect underwater resources using modern technology. We must attract more investments into the blue economy.”
Nevertheless, climate change, pollution, and illegal fishing practices pose a threat to Bangladesh’s marine ecosystems and coastal communities. However, Blue Economy can address these issues while promoting economic expansion and wise use of ocean resources.
A number of steps have already been taken by Bangladesh to develop its Blue Economy in order to utilize its sea resources. As part of the Blue Economy consultations and workshops launched by the Government of Bangladesh (GoB) in 2015, various initiatives have been undertaken in Bangladesh. Furthermore, Bangladesh’s Seventh-Five Year Plan (7FYP) has listed twelve actions for maintaining a prosperous and sustainable Blue Economy, such as fisheries, renewable energy, human resources, transshipment, tourism, and climate change. Additionally, a “Blue Economy Cell” under the Ministry of Foreign Affairs (MoFA) of the GoB was established in 2017 to coordinate Blue Economy initiatives across its sectoral units.
A dialogue with stakeholders was initiated recently by the government to assimilate the untapped potential of the marine environment and conduct effective implementation and variation so as to improve nutrition, food security, create jobs, improve health, reduce poverty, and create industrial profiles while maintaining ecosystem health and biodiversity, and progressing regional peace and security.
The Bay of Bengal is now clearly defined for Bangladesh following a lengthy dispute with India and Myanmar over its maritime border. As long as the Blue Economy is emphasized, economic development will be enabled to flourish with environmental sustainability, and Bangladesh can take advantage of its potential as a result.
Jaber Bin Abdul Bari
Department of Oceanography, NSTU
