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A special cell should be created to explore opportunities of Bangladesh’s blue economy that can serve as a growth catalyst in the economic development, experts say.
The blue economy is a new potential sector for investment in Bangladesh as it has the capability to yield huge economic benefits and sustainable growth, they said. Various industries including tourism, shipbuilding, deep-sea fishing, containers, medicine, and cosmetics industry can be industrialised by utilising the marine resources, they said.
Economic benefits of blue economy in Bangladesh
The total sea area of Bangladesh is 664 km, but fish is harvested in only 60 km. Therefore, Bangladesh's share in global fish production is limited to only 2.6 per cent. China alone supplies 61 per cent of the world’s fish. In the same way, despite having a sea frontier, there is still a huge amount of offshore oil and gas beyond reach, according to a report presented at an event in Dhaka on Sunday.
Although several plans have been taken in this regard, it has not come into the light. In contrast, Myanmar has already started extracting mineral resources from near the sea block of Bangladesh.
“The ocean economic zone of Bangladesh is equal to 81 per cent of the mainland,” said Secretary Maritime Affairs Unit at the Ministry of Foreign Affairs Rear Admiral (Retd) Md Khurshed Alam.
There are one and a half lakh ships transporting goods through ocean ways all over the world, which is worth 9 billion dollars, however, Bangladesh owns only 70. Some 74 per cent of containers are used in Asia which opens another wing of investment opportunity for Bangladesh as the total trade is growing at a rate of 15 per cent every year, meaning the demand for containers will keep going up, according to him.
“Although there are several seaports in Bangladesh, they are not suitable for mother vessels. In such a situation, the completion of Matarbari deep seaport will help exploit the potential of blue economy,” he said.
Oil and gas
According to a report of USGS, around 40 trillion cubic foot gas may be found in the blocks under the jurisdiction of Bangladesh. Bangladesh can also produce energy using the current of water and wind of the sea from 200 nautical miles. “Bangladesh is yet to assess the true potential of its offshore oil and gas prospects,” said Alam.
Maritime economy to help tackle post-LDC era challenges
“There is no disagreement about the potential of the blue economy sector. But there are no plans yet to gain the most of the sector,” said Centre for Policy Dialogue (CPD) Research Director Khandaker Golam Moazzem.
He advised creating a special cell to carry out research on the blue economy for sustainable economic development.
“We are yet to know who the guardian of the sector is. Instead, different ministries have been working separately. If BIDA [Bangladesh Investment Development Authority] takes care of the sector, quick benefits can be gained,” he said.
East West University Professor Dr AK Enamul Haque said the growth of the world economy in the next 10 to 20 years will be centered on the blue economy.
FBCCI President Md Jashim Uddin said the maritime economy could play an effective role in attracting foreign investment and creating employment in the post-LDC era. He urged the government to take proper initiatives to modernise marine fishing.
Government initiatives
Private Industry and Investment Adviser to Prime Minister Salman F Rahman said it is possible to export worth billions of dollars from the blue economy sector in the next few years.
He suggested the FBCCI and BIDA work together to find out ways of taking the potential sector forward.
Deep-sea fishing trawlers or ships can be built under the joint venture of local and foreign investors, he said. However, in this case, it is necessary to amend the existing policy of the ministry of fisheries and livestock, he added.
