Blue Economy of Bangladesh

Blue economy has become a part and parcel of Bangladesh's development agenda. Now, we just need to conserve and sustainable use of the oceans and seas and marine resources for sustainable development. The delimitation of sea boundary with Myanmar and India has indeed opened up a new window of opportunities in terms of harnessing resources and enhancing existing external trade. Bangladesh, a unique delta has been blessed with nice sea outlet. They Bay of Bengal and coastal areas can be the powerhouse of our national economy.

Fishery is one of the most important sectors of blue economy. Fish makes up 15% of animal protein consumed globally and the value of fish traded by developing countries is estimated at 25 billion dollar. These are about 475 species of fish found in Bangladesh EEZ compared to 250 species on land. About 80 million tons fishes are caught every year in the Bay of Bengal. Bangladesh's fisherman can reap only 7 million tones. Rest of the fishes are caught by the fishermen of Myanmar and India.

Bangladesh has so far discovered 26 gas fields by which we had about 27 TFC (Trillion Cubic Feet) gas. But we have already exhausted well over 14 TFC. In the face of ever-increasing demand of gas in the country, this reserve would run within 10 to 15 years. And there is no real possibility of finding more gas fields in the near future. Under such circumstances, there is no option left for Bangladesh other than exploring gas blocks in the Bay of Bengal. Because, according to a recent survey, jointly conducted by Petrobangla and United States Geological Survey (USGS), there is a huge amount of gas reserve in the Bangladesh Maritime area of the Bay of Bengal.

Shipping and port facilities are considered as the backbone of blue economy. Bangladesh as a coastal state needs to stands out prominently in terms of part facilities and capacities to keep pace with the growing trade. Around 600 ships anchor in Chittagong and Mongla port per year. Certainly, the number can be substantially increased and Bangladesh can earn a hefty amount of money as port duties with the opening out of blue economy.

Bangladesh's expressed desire to be the middle income country within the shortest possible time. It can reach at the earliest an even greater destination if the prospect of the country's blue economy is properly be harnessed. But the thrust should be given now for developing experts and technicians to exploit our marine resources in the Bay of Bengal. It is necessary for us to keep in mind that time is a great factor for advancing our economy in this competitive world.