Tapping blue economy’s potential

Blue oceans cover the 72 per cent surface of the world but the idea of blue economy came into the mind of a Belgian economist Professor Gunter Pauli as recent as 1994. What he meant by ‘blue economy’ is now completely different from what it means today. Gunter Pauli described ‘blue economy’ as his business model to shift the society from scarcity to abundance ‘with what is locally available’.

But later the World Bank came up with the idea in more detailed term delineating it as ‘sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean eco-system. The European Commission came up with much easier explanation defining it as ‘all economic activities related to oceans, seas and coasts’.

From those all viewpoints, Bangladesh has great potential for its economic growth based upon its marine resources because of its close proximity to the Bay of Bengal which is the northeastern part of the Indian Ocean. The link between the two oceans is very significant in terms of trade opportunity as trade becomes much easier and more cost-effective through waterways.

Not only that, Bangladesh’s maritime boundary has expanded greatly after the country won the verdict in the International Tribunal for the Law of the Seas (ITLOS) against Myanmar in 2014. The total maritime area now stands at 2, 07,000 square kilometers and it could easily be used for the country’s sustainable economic growth.

The sea could be the sources of fisheries and aquaculture, natural resources and energy, tourism and shipping. Maritime economy can easily be strengthened by developing a fish industry in the country. The industry is yet to develop to full extent in our country. Once done, it can immensely contribute to the economy by earning foreign currency bolstering our waning central reserve. Bangladesh can excel in its fish trade. Even the country has the potential to compete with three other countries – Thailand, India and China – in fish trade in South Asia.

The seabed of the Bay of Bengal is thought to be rich in many kinds of natural resources. It is considered the treasure trove of mineral resources. One of them is monazite, a radioactive material that can be used in nuclear reactor to generate energy. Moreover, as a result of the above mentioned verdict Bangladesh secured its ownership over eight out of 10 gas blocks from India and 13 from Myanmar.

Another prospect that can be tapped is the tourism industry along the long coastal line. Once this industry is in full bloom it can also be able to attract the attention of foreign tourists bringing in more money for the country. For everything ranging from natural resources to tourism and trade the country needs a safe and secure sea.

That’s exactly what Prime Minister Sheikh Hasina stressed on December 7 at the inaugural session of the ‘Fleet Review-2022 at Inani in Cox’s Bazar. The event was organized by Bangladesh Navy. Navies and maritime organizations from 28 countries including the US, UK, Germany, Italy, Saudi Arabia, India, China, Korea, Indonesia, Malaysia, Myanmar, Thailand, Turkey, the Netherlands participated in the programme where the PM reiterated her call for a safe and secure sea to safeguard maritime resources and marine trade for economic prosperity.

Sheikh Hasina said: “Our government has taken robust measure for the marine sector’s development considering the immense potential of the marine resources. But a prosperous economy only comes when we can ensure a safe and secure environment in the ocean.”

We believe in what she said and hope that what she said would be translated into reality. But for that the government needs to work hard on making a policy to explore the sea floor to make the best use of them to help the country’s economy to strengthen further. Only then the bright prospect of our blue economy can strengthen our economic backbone.