Blue economy in bangladesh
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Bangladesh's blue economy, leveraging resources from the Bay of Bengal, holds significant potential for socio-economic development, including fisheries, tourism, and renewable energy. The country aims to harness international partnerships to exploit its maritime resources amidst a backdrop of increasing global trade via shipping. The blue economy could enhance food security, combat climate change, and promote sustainable marine practices, ultimately contributing to poverty alleviation and economic growth.
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Blue Economy in Bangladesh
Introduction:
Bangladesh possess enormous water body with the blessings of Bay of Bengal situated at southern part of
Bangladesh. The oceancontributes to the country’s GDP a moderate amount. Bangladesh has huge reserves
of natural gas and coal; and many international oil companies are involved in production and exploration
activities in the Bay of Bengal. The Prime Minister of People’s Republic of Bangladesh Sheikh Hasina has
recently told that ‘Blue Economy is a concept that can significantly contribute to the socio-economic
development of Bangladesh. Blue economy concept has ushered in a new horizon for economic
development of the coastal countries through utilizing the sea and marine resources at national and
international level’. Bay of Bengal and coastal areas can be powerhouse of national economy of
Bangladesh. A sustainable marine economy, extending close to coast and stretching up to economic zone,
can bridge up the shore and off shore in a relational binding and bond of caring, managing and use. The sea
also offers vast potential for renewable “blue energy” production from wind, wave, tidal, thermal and
biomass sources.
Scopes, Opportunities and Possibilities:
Dhaka established its sovereign rights through international court verdicts on more than 118,000 square km
of maritime territory, 200 nautical miles (NM)of exclusive economic zone, and 354 NMcontinental shelves
from the Chittagong coast. It has raised hopes of extracting “plenty of resources” from the Bay of Bengal,
considered by Bangladesh as its “third neighbor”. Bangladesh, which lacks expertise and technology to
exploit the resources, will seek global partnership, particularly from neighboring countries.
Shipping and Port Facilities
Coastal countries need to position themselves in terms of facilities and capacities to cater for this growing
trade and optimize their benefits. Shipping is the safest, most secure, most efficient and most
environmentally sound means of bulk transportation. 80 percent of global trade by volume, and over 70 per
cent by value, is carried by sea and handled by ports worldwide. For developing countries, on a national
basis, these percentages are typically higher.
Fisheries
Fisheries is an important economic activity in countries with coastsalong the Bay of Bengal, viz. Sri Lanka,
India, Bangladesh, Myanmar, Thailand, Malaysia and Indonesia. Fish is the most important animal-based
protein food of the people in these countries, primarily because it is the least affected by cultural and
religious biases and prejudices. The contribution of fish to the animal-based protein supply in some of these
countries is: Bangladesh 52 per cent, Indonesia 68 per cent, Malaysia 61 per cent, Shri Lanka 65 per cent
and Thailand 52 per cent. The fishing industry in the Bay of Bengal area provides employment and
sustenance to large numbers of people. Based on a recent estimate, the total number employed on a full-
time basis in fisheries in the area covered by the Bay of Bengal Program (BOBP) is 1.85 million.
Aquaculture
Aquaculture is the fastestgrowing global food sectornow providing 47% of the fish for human consumption
[6]. Fish used for human consumption grew by more than 90 million tons in the period 1960-2009 (from
27 to 118 million tons) and aquaculture is projected to soon surpasscapture fisheries asthe primary provider
of such protein.](https://image.slidesharecdn.com/blueeconomyinbangladesh-160403131531/85/Blue-economy-in-bangladesh-1-320.jpg)
Blue economy in bangladesh
- 1. 1 | P a g e Blue Economy in Bangladesh Introduction: Bangladesh possess enormous water body with the blessings of Bay of Bengal situated at southern part of Bangladesh. The oceancontributes to the country’s GDP a moderate amount. Bangladesh has huge reserves of natural gas and coal; and many international oil companies are involved in production and exploration activities in the Bay of Bengal. The Prime Minister of People’s Republic of Bangladesh Sheikh Hasina has recently told that ‘Blue Economy is a concept that can significantly contribute to the socio-economic development of Bangladesh. Blue economy concept has ushered in a new horizon for economic development of the coastal countries through utilizing the sea and marine resources at national and international level’. Bay of Bengal and coastal areas can be powerhouse of national economy of Bangladesh. A sustainable marine economy, extending close to coast and stretching up to economic zone, can bridge up the shore and off shore in a relational binding and bond of caring, managing and use. The sea also offers vast potential for renewable “blue energy” production from wind, wave, tidal, thermal and biomass sources. Scopes, Opportunities and Possibilities: Dhaka established its sovereign rights through international court verdicts on more than 118,000 square km of maritime territory, 200 nautical miles (NM)of exclusive economic zone, and 354 NMcontinental shelves from the Chittagong coast. It has raised hopes of extracting “plenty of resources” from the Bay of Bengal, considered by Bangladesh as its “third neighbor”. Bangladesh, which lacks expertise and technology to exploit the resources, will seek global partnership, particularly from neighboring countries. Shipping and Port Facilities Coastal countries need to position themselves in terms of facilities and capacities to cater for this growing trade and optimize their benefits. Shipping is the safest, most secure, most efficient and most environmentally sound means of bulk transportation. 80 percent of global trade by volume, and over 70 per cent by value, is carried by sea and handled by ports worldwide. For developing countries, on a national basis, these percentages are typically higher. Fisheries Fisheries is an important economic activity in countries with coastsalong the Bay of Bengal, viz. Sri Lanka, India, Bangladesh, Myanmar, Thailand, Malaysia and Indonesia. Fish is the most important animal-based protein food of the people in these countries, primarily because it is the least affected by cultural and religious biases and prejudices. The contribution of fish to the animal-based protein supply in some of these countries is: Bangladesh 52 per cent, Indonesia 68 per cent, Malaysia 61 per cent, Shri Lanka 65 per cent and Thailand 52 per cent. The fishing industry in the Bay of Bengal area provides employment and sustenance to large numbers of people. Based on a recent estimate, the total number employed on a full- time basis in fisheries in the area covered by the Bay of Bengal Program (BOBP) is 1.85 million. Aquaculture Aquaculture is the fastestgrowing global food sectornow providing 47% of the fish for human consumption [6]. Fish used for human consumption grew by more than 90 million tons in the period 1960-2009 (from 27 to 118 million tons) and aquaculture is projected to soon surpasscapture fisheries asthe primary provider of such protein.
- 2. 2 | P a g e Tourism Marine and coastal tourism is of key importance to many developing countries. Tourism is a major global industry; in 2012 international tourist arrivals increased by 4% despite the global economic crisis and constituted 9% of Global GDP (direct, indirect and induced impact). In 2012 tourism supported 9% of global jobs and generated US$ 1.3 trillion or 6% of the world’s export earnings. Energy In 2009 offshore fields accounted for 32% of worldwide crude oil production and this is projected to rise to 34% in 2025 and higher subsequently, as almost half the remaining recoverable conventional oil is estimated to be in offshore fields - a quarter of that in deep water. Deep water oil drilling is not new, but market pressures are making the exploration for and tapping of evermore remote reserves cost effective, bringing the most isolated areas under consideration. Biotechnology The global market for marine biotechnology products and processes is currently estimated at US $ 2.8 billion and projected to grow to around US$ 4.6 billion by 2017. Marine biotech hasthe potential to address a suite of global challenges such as sustainable food supplies, human health, energy security and environmental remediation. Submarine mining The world is gearing up for the exploration and exploitation of mineral deposits on and beneath the sea floor. Industry, due to rising commodity prices, is turning its attention to the potential riches of polymetallic nodules, cobalt crusts and massive sulphide deposits; the latter a source of rare earth elements, such as yttrium, dysprosium and terbium, important in new ICT hardware and renewable energy technologies. Conclusion: The increased production of marine fish has come primarily through the motorization of traditional craft, the introduction of new craft and the introduction and popularization of new’ types of synthetic gear,which have replacedthe traditional gear.In almost every country, this processhas been either instituted or actively supported by the governments in the form of generous subsidies and credit schemes. Blue Economy could play an important role in the economic upliftment of the country in the context of poverty alleviation, ensuring food and nutrition security, combating climate change impacts. Blue Economy requires a balanced approach betweenconservation, development and utilization of marine and coastaleco-systems,all oceanic resources and services with a view to enhancing their value and generates decent employment, secure productive marine economy and healthy marine eco-systems.