“Blue economy” refers to the sustainable exploitation of marine resources. It includes modern sectors like biotechnology and maritime transportation and those that depend on healthy oceans and seas, such as fishing, aquaculture, and tourism. Gunter Pauli first put forward the idea of the blue economy in 1994.
The World Bank, however, claims that the definition of a “blue economy” involves using all oceanic resources, including those found at their bottom, for sustainable development. In this context, the term “Economy” refers not only to commerce but also to nautical concerns like preserving marine life and ethical use.
Prospect in Economy
By 2030, it is conceivable to generate roughly 2.5 trillion US dollars annually if operations take place in at least four parts of the territory that Bangladesh has seized as a result of its victory over the sea. The four industries include fishing, tourism, port development, and oil and gas exploitation. On the coasts of Bangladesh, India, Myanmar, and Thailand, with Bangladesh in the middle, there are 145 crore people. As a result of the enormous economic potential present, there are good prospects for fortifying Bangladesh’s economy.
Fisheries and Aquaculture
Bangladeshi trawlers currently collect fish 35 or 40 nautical miles off the shore. However, it is 200 nautical miles from our shoreline. By focusing on a larger spectrum, there is a unique chance to boost the nation’s marine sector. Bangladesh anticipates having enormous success in fisheries by 2022, ahead of Thailand, India, and China, according to the Food and Agriculture Organization (FAO). Thailand, India, and China follow. In the previous ten years, fish output has climbed by 53%.
Natural Resources and Energy
Above as well as below the river, Bangladesh has the same number of natural resources. Additionally, it is believed that no other sea or bay in the world can compare to the mineral riches at the bottom of the Bay of Bengal. Around 17 kinds of mineral sand may be located among the mineral deposits at the bottom of the sea. Most are garnet, magnetite, sillimanite, ilmenite, kyanite, monazite, lycodine, etc. These materials are helpful, but monazite is regarded as a gem. Nuclear reactors and atomic weapons both employ this radioactive material for generating energy.
In addition to oil and gas, the Bay of Bengal’s seabed has 13 locations where uranium-thorium, a sand more precious than gold, may be found. Bangladesh acquired control of 8 out of 10 gas blocks from India and 13 from Myanmar due to the maritime conquest. Extracting around 40 trillion cubic feet of gas from these blocks is feasible.
Tourism
Tourism around coastlines is a big business that has risen significantly in recent years. In real life, this single market sector globally amounts to 5% of GDP and 6-7% of total employment. With a combined 50% of Least Developed Countries (LDCs), these nations greatly benefit from one another’s economies. Increasing tourism can help Bangladesh realize its economic potential while contributing to GDP growth while also helping in the achievement of the Sustainable Development Goals (SDG).
Challenges of Blue Economy in Bangladesh
Our marine resources can significantly improve the decrease in poverty, self-sufficiency in food production, preservation of the ecological balance, addressing the negative consequences of climate change, and maximizing the multifaceted economic potential. The possible difficulties must be kept in mind, though.
It might be challenging to ensure the sovereignty of the entire coastline area while also upholding security in the economic zone. As we have not yet adopted top-notch marine tourism, building environmentally friendly ocean infrastructures for sea tourism could pose another challenging issue. Suppose the government doesn’t properly monitor these. In that case, offering safety for deep-sea and EZ regions could be challenging from international smugglers, drug, human, and arms traffickers, piracy, and the drug problem. The government must keep the newly acquired marine region in an atmosphere conducive to investment if progress is to be made.
The environment is not a concern for local visitors in Bangladesh. As a result, protecting the sea from garbage and pollution will be pretty challenging. Bangladesh’s government has a lot to give in terms of natural resources. However, many prospects remain untapped due to the absence of management procedures that are implemented and enforced.
Numerous resources in the nation have not yet been fully explored. A lack of adequate expertise and infrastructure may hamper the development of Bangladesh’s maritime sector.
Final Words
Bangladesh has to take specific steps for the blue economy to expand significantly. To draw investors to this industry and aid in its development, it is essential to provide trustworthy data and precise statistics. Using technology and qualified labor, the government should create short-, medium-, and long-term strategies for the Blue Economy. In addition, it’s crucial to guarantee scientific study, eco-friendly gathering, and sustainable use of fish and untapped marine resources.
There have been 26 sectors identified for maritime commerce, including oil and gas, tourism, ports, shipping, renewable energy (wind and currents), marine resources, and industries based on minerals. Determining which areas should be prioritized or how feasible each is is necessary.