The government has framed strategies to accelerate the sustainable development process of the country through blue economy making the best use of the untapped resources of the sea.
In the strategies it has chalked out that how and in what way the ocean-based industries such as shipping, fisheries, energy and minerals, seaports, tourism, and marine biotechnology can contribute as the key driving forces to flourishing the country’s economy.
Ongoing initiatives with India, China, and the European Union (EU) to facilitate research and joint ventures related to the blue economy will be accelerated. Ensuring sustainable use of marine resources will get top priority.
To explore the untapped potentials of blue economy in an efficient way the General Economics Division (GED) has determined 10 strategies and identified five challenges.
According to the organisation, Bangladesh has huge opportunities at sea, which helps in the expansion of international trade and commerce. The disputed area along the maritime border with Myanmar is now being considered as a new field of development for the country. These strategies and challenges are highlighted in the Bangladesh Perspective Plan (2021-41). The long-term plan has recently been officially unveiled.
The challenges identified in the plan are lacking of investment and inadequate role of the private sector. Apart from this, there is a lack of knowledge and determination of marine resources, maritime and coastal development structures, and related human resources.
According to the plan, a strong policy framework is needed to harness the potential of the blue economy. A task force consisting of local and international experts will be formed to carry out this work. The draft policy framework, titled 'Policy Framework for Marine and Coastal Development', will be submitted to the Cabinet for approval.
Besides, most of the investment in the development of the blue economy will come from the private sector. Appropriate incentives and regulatory policies will be adopted to increase private investment. The role of FDI (foreign direct investment) will be expanded to bring in new knowledge, technology and investment.
Moreover, a two-pronged strategy will be adopted to address the lack of quantitative concepts and knowledge of marine resources. With the technical assistance of Navy and Engineering Universities in the domestic field, the capacity to conduct sea surveys will be increased.
In the international arena, technical assistance will be sought from the countries concerned for such work. Also, knowledge and resources will be mobilized from the regional and international cooperation system.
Former member of the blue economy cell Commodore Abdullah Al Mamun Chowdhury told Bangladesh Post, “A separate cell should be formed under the supervision of Prime Minister’s Office (PMO) to expedite the harnessing the untapped potentials of the blue economy.
On the other hand, the authority concerned should focus on fisheries, which is one of the easiest ways to utilise it from there. We still do not know what is under the area. Here we can use our Navy experts. They can work more if necessary equipment and support can be assured. Eco-tourism has a wide range of opportunity there. Tourist vessels from all over the world can be invited there to boost our economy and revenue”.
Experts termed the Blue Economy as an economic frontier. They have pointed out that lack of skilled manpower, technology, machineries, and research work are the primary reasons behind slow growth of blue economy. There were many plans but none has been executed yet.
Former Lead Economist of World Bank's Dhaka office, Zahid Hussain, said, "Six years have already passed, but still nothing significant happened. The door to investment in the maritime economy should be opened immediately. Otherwise, none will obey the boundaries in the deep sea. As a result, resources may go to another country. We should now focus on policy implementation."
Bangladesh established its sovereign rights to a full 200 nautical miles exclusive economic zone in the Bay of Bengal. Which is very important for the blue economy of Bangladesh. There are many mineral resources in this vast sea area.
