BSS-37 Experts for accelerating efforts to harness huge potentials of blue economy

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ZCZC

BSS-37

TEN-INITIATIVE-ECONOMY

Experts for accelerating efforts to harness huge potentials of blue economy

A K M Kamal Uddin Chowdhury

DHAKA, May 30, 2019 (BSS) – Bangladesh should accelerate its efforts to
harness huge potentials of blue economy to attain double digit GDP growth as
its maritime territory is rich with huge precious natural resources, living
and non-living, according to experts.

They said a well-thought plan will have to be taken immediately for turning
the Bay of Bengal into a hub of economic development so that Bangladesh can
ensure maximum use of its maritime resources for development.

Contribution of the vast maritime territory is only $9.6 billion or 6
percent annually to the Bangladesh economy but it has the potential to
contribute more to the economy if the resources are exploited properly, they
opined.

“There are a lot of opportunities in the blue economy. We will have to
utilize the resources below the water to boost the economy,” Bangladesh Bank
former governor economist Mohammed Farashuddin told BSS in an interview.

Mentioning that the Bay of Bengal is enriched with huge resources, he said
government needs planning to use these resources to achieve the Sustainable
Development Goals (SDGs) as well as the Vision-2041.

The economist urged the authorities concerned to open a wing in planning
ministry or under the Prime Minister’s Office for accelerating the
initiatives to utilize the opportunities of blue economy.

Secretary (Maritime Affairs Unit) of the Ministry of Foreign Affairs Rear
Admiral M Khurshed Alam said twenty six maritime economic functions have been
identified for development of blue economy in Bangladesh.

The sectors are: shipping, coastal shipping, seaports, passenger ferry
services, inland waterway transport, shipbuilding, ship recycling industries,
fishery, marine aquatic products, marine biotechnology, oil and gas, sea salt
production, ocean renewable energy, blue energy (osmosis) and biomass,
aggregates mining (sand, gravel and others), marine genetic resource, coastal
tourism, recreational water sports, yachting and marines, cruise tourism,
coastal protection, artificial islands, greening coastal belt or delta
planning, human resource, maritime safety and surveillance and maritime
spatial planning (MSP).

In each of these functions, Khurshed Alam said full account is taken of the
value chains that are developed across a range of sectors.

He said well-trained, skilled and educated human resources are the driving
force of the development of an economy, who can participate in the
globalization of business and the accompanying technological revolution.

A thrust in blue economic growth may come from a large army of skilled
coastal and offshore engineers, navigators, merchant mariners, fisheries
technologists, biotechnologists and in a variety of other professions, he
added. The blue economy offers opportunities in fishery, mineral resources,
shipping and energy, he said, adding Bangladesh has the right to fish and
explore resources within 118,813 square kilometers of the Bay of Bengal.

After winning the sea area, Khurshed Alam said, the present government is
providing special attention to create skilled human resources for adopting
opportunities from the blue economy.

“Recently, the Bangladesh Oceanographic Research Institute (BORI) and a
Maritime University have also been established for coastal and oceanic
research and human resource development,” he added.

President of the Bangladesh Malaysia Chamber of Commerce and Industry
(BMCCI) Syed Moazzam Hossain urged the authorities concerned to form a
sustainable blue economy development authority for properly getting all
potentials of blue economy to explore economic benefits in the Bay of Bengal
like deep sea fishing, tourism, marine transportation and oil and gas
exploration.

“We consider blue economy in the context of sustainable development and
poverty eradication as one of the important tools available for achieving
sustainable development,” he added.

He emphasized that it should contribute to eradicating poverty as well as
sustained economic growth, enhancing social inclusion, improving human
welfare and creating opportunities for employment and decent work for all
while maintaining the healthy functioning of the earth’s ecosystem. “Blue
economy conceptualizes oceans as ‘Development Spaces’ where spatial planning
integrates conservation, sustainable use, oil and mineral wealth extraction,
bio-prospecting, sustainable energy production and marine transport,” he
added.

Earlier, a total of 1,18813 square kilometer maritime boundary in the Bay
of Bengal came under the control of Bangladesh after the settlement of
longstanding disputes with India and Myanmar.

BSS/TEN/KUC/TAN/ARS/1829 hrs