The potentials of the blue economy in the Bay of Bengal remain largely untapped due to shortage of investments and the absence of comprehensive research on marine resources. Unfortunately, Bangladesh is equipped to catch fish at a maximum depth of 100 metres, or within just 60 square kilometres off the coast of the Bay of Bengal, where the country has exclusive rights to about 118,813 square kilometres.
As such, Bangladesh’s share in global fish production is limited to only 2.6 per cent. And despite having a seaside frontier, there is still a huge amount of offshore oil and gas that remains just out of reach. Although several plans have been taken in this regard, none of them has come to light. In contrast, Myanmar has already started to extract mineral resources from near Bangladesh’s sea block. By utilising marine resources, industries in Bangladesh such as tourism, shipbuilding and breaking, deep-sea fishing, medicine, and cosmetics could be developed further.
The oceanic economic zone of Bangladesh is equal to 81 per cent of its mainland. There are 1.5 lakh ships transporting goods through ocean ways all over the world in an industry worth around $9 billion but Bangladesh only owns 70 seafaring vessels. It is possible to export billions of dollars from this sector in the next few years.
Experts stressed strategic planning to utilise the marine economy. The maritime economy could play an effective role in attracting foreign investment and creating employment after Bangladesh graduates from the UN’s least developed grouping in 2026 as well. Investment in tourism, shipbuilding, shipbreaking, fishing, ports and maritime equipment to harness the marine resources should get higher importance. Research, investment and exploration of marine resources are required to untapped the potential of the resources for the economy and people. The alternative resource mobilisation maintains natural preservation and could bolster the economy.
