Blue economy still untapped in Bangladesh

Before conversing about the blue economy, discussing the challenges of the current global economy is indispensable. Almost all the world’s policymakers and experts agree that most countries are headed for recession.

Even the stagflation of the 1970s may return to the world. According to the International Monetary Fund (IMF) report, the future of the global economy is bleak and uncertain.

Many economists believe that the risk of a global recession will become more severe by the end of this year or the beginning of next year. Bloomberg’s economic model reveals a 100 per cent chance of a recession in 2024.

The blue economy is a term in economics relating to the exploitation, preservation, and regeneration of the marine environment. Its scope of interpretation varies among organisations.

This term is generally used in the scope of international development when describing a sustainable development approach to coastal resources.

Apart from that, marine resources provide food as well as fuel. Seas and oceans have coral islands, dolphins, whales, and pearl oysters. The sea has always been full of great mysteries.

Blue economy covers fisheries, minerals, shipping and port infrastructure, biotechnology, renewable energy, tourism, maritime governance, and education in marine areas. The concept of an ocean-based economy is becoming popular in today’s world.

Thirty per cent of the world’s economy is oil and gas resources, and 90 per cent of goods are traded by sea.

The world population is 8 billion, and by the year 2050, the population will be 9 billion. About 350 million people in the world are undernourished right now. Addressing this shortage using the world’s land resources is almost impossible.

Therefore, marine resources can be one of the partners in providing food for this large population. The ocean economy contributes three to five trillion USD to the global economy annually, employing approximately 60 million people in fisheries and aquaculture.

Marine fish, plants, and animals provide 15 per cent of the protein for the world’s 4.3 billion people.

 Bangladesh has robust opportunities to work on the following sectors under the blue economy – Shipping and port facilities, fisheries, aquaculture, tourism, energy, biotechnology and marine genetic resources, seabed mining.

Our coastline stretches from the Sundarbans to the coral island Saint Martin.

The country has a total sea area of about 1,18,813 square kilometres with a total area of 710 km long coastline, an exclusive economic zone of 200 nautical miles and complete control over the sovereign rights of the seabed covering a vast area extending from the Chittagong sub-sea to 354 nautical miles.

This maritime area is about 81 per cent of the mainland of Bangladesh. It is one of the largest gulfs in the world, with 1.4 billion people living along the coastline of Bangladesh, India, Myanmar, and Thailand.

According to experts, the blue-economy can bring economic revolution to Bangladesh if given proper importance. Marine fish and seaweed exports can generate billions of USD in annual revenue.

So, Bangladesh being a maritime country, the blue economy needs to be taken as a top priority for socio-economic growth. Coral reefs and turtle breeding habitats are south and west of Saint Martin Island. Apart from this, there is also a huge amount of seaweed here.

Within the Bay of Bengal, 19.4 per cent of the country’s total fishery production comes from marine fisheries. It is also the main mode of transportation. Increased economic activity in the southern region’s coastal areas plays a significant role in the country’s overall socio-economic development. On average 81 per cent of local tourists travel to Cox’s Bazar.

Together, these elements constitute the blue economy, which implies the great potential to strengthen the country’s status.

The use of shipping and port facilities is considered the backbone of the blue economy, which accounts for 80 per cent of world trade by volume and more than 70 per cent by value. By 2030, Bangladesh’s potential freight revenue will be around $435 billion.

By increasing the handling capacity of its ports and developing deep-sea ports equipped with modern handling equipment, Bangladesh can significantly increase revenue generated from port duties.

The coastal sea level of the Bay of Bengal is about 354 nautical miles. It is the longest continuous beach in the world. The area has a lot of cultural diversity that attracts tourists.

More tourists can be attracted to these areas by organising marine cruise ship tourism and developing spectacular marine aquariums.

Increasing recreational features and setting up separate tourism zones for foreign tourists in coastal areas can motivate vacationers to explore the beauty of Bangladesh’s beaches. It will help the local economy.

A blue economy can be crucial in realising Bangladesh’s dream of becoming a developed economy.

Bangladesh can sustainably utilise marine resources and enhance its potential in various related sectors. It will ensure the overall sustainable economic growth of Bangladesh. Such benefits include a contribution to the GDP, new job opportunities, poverty eradication, food security, conservation of biodiversity, international trade, foreign currency, and women participation.

Despite having so much potential, Bangladesh is yet to achieve momentum. We often find speakers talking about how the blue economy can reshape Bangladesh’s economy in various seminars and symposiums.

Yet these statements often end up being inane platitudes. The enormous potential of Bangladesh’s blue economy looks impressive only on paper, but the reality paints a different picture. Bangladesh has failed to reap the desired benefits of winning in such cases.

The country must expand its economic horizons, and exploring the full spectrum of the blue economy is integral to that endeavour.

The writer is a journalist. He can be contacted at [email protected]