beautiful BANGLADESH from inside and outside: Blue Economy in Bangladesh

Blue Economy is a sustainable development of the ocean economy. The definition of Blue economy based on the World Bank and UN DESA (2017) framework, as well as FAO’s (2014) definition, to be consistent with the three-dimensional sustainable development paradigm (social, environmental and economic dimensions) underpinning the Sustainable Development Goals.

As a result of maritime conquest, Bangladesh has acquired two types of resources in the field of blue economy. One is animal and the other is non-animal. If planned activities like extraction of oil and gas and other valuable resources, extraction of fishery resources, expansion of port facilities and tourism can be carried out as planned, it is possible to earn huge amount of dollars every year.

Bangladesh has immense potential in the field of Blue Economy. There are now treasures of valuable resources in almost same in the sea area as the land. There are 26 blocks in the maritime boundary acquired from India and Myanmar. The concerned people think that it is possible to get about 40 trillion cubic feet of gas from these blocks.

Apart from this, there are various marine resources scattered in the middle of the blue water. In addition to oil and gas; precious sand, uranium, monazite, zircon, snails, oysters, fish, octopuses, sharks, the Blue Sea has a variety of marine and mineral resources. Apart from 475 species of fish, 20 species of crabs, 36 species of shrimps and 360 species of snails and oysters have been found there. There are expensive and delicious fish like tuna, which are in great demand in the international market.

Bangladesh got possession of more than 1,18,813 square kilometers of sea area in the case with Myanmar through the verdict of the International Arbitration Court (PCA) on March 14, 2012. After that, Bangladesh started working for the ultimate achievement of 'Blue Economy'. On July 6, 2014, two years after the acquisition of new territorial waters in the case with Myanmar, Bangladesh got the right to 19,467 sq km out of the estimated 25,602 sq km of disputed maritime boundary between Bangladesh and India.

In the year 2017, the government formed the 'Blue Economy Cell' under the Ministry of Energy and Mineral Resources. The government has enacted the Maritime Zone Act in 2019 to protect marine resources. As a result of maritime conquest, Bangladesh has acquired two types of resources in the field of blue economy. One is animal and the other is non-animal. Animals include fisheries, marine animals, weeds, etc. Non-animal resources include minerals and mineral resources such as oil, gas, limestone, etc.

There are also 17 types of precious mineral sand. Such as zircon, rutail, sillimanite, ilmenite, magnetite, gannet, kyanite, monazite, liclosin etc. Of which monazite is extremely important. While the land area is about 1,44,000 sq km, Bangladesh now owns more than 1,18,813 sq km area in the sea. The Ministry of Foreign Affairs, the Ministry of Defense, the Ministry of Power and Mineral Resources, the Ministry of Shipping, the Ministry of Fisheries and Livestock, the Ministry of Water Resources and the Ministry of Aviation and Tourism are involved in this maritime economy.

Experts say these ministries should work together. Some also suggested the establishment of a separate ministry such as 'Ministry of Marine Resources' to harness this maritime economy. At the same time, they advised to form a strong inter-ministerial coordination committee headed by the Prime Minister. About the same amount (81 percent) of the country's land resources are under the sea. The resources at the bottom of the sea must be used properly for sustainable development of the country.

If planned activities like extraction of oil and gas and other valuable resources, extraction of fishery resources, expansion of port facilities and tourism can be carried out as planned, it is possible to earn around 2,50,000 crore USD annually by the year 2030 from these natural resources. It is important to utilize this sector with immense potential. In order to extract what kind of resources is available at the bottom of the sea, it is necessary to determine the type of technology and expert manpower required to ensure maximum use.

It is known that in addition to oil and gas, there are 13 places at the bottom of the Bay of Bengal which are more valuable than gold i.e. uranium-thorium which contains ilmenite, gannet, sillimanite, zircon, rutail and magnetite etc. In addition, there is mud in the deep sea which is made of cement. Experts believe that the Bay of Bengal has one of the largest oil and gas reserves in the world. Besides, there is a minimum collection of 1.24 million tons of mineral sand worth about Tk 12,000 crore on the coast of Bangladesh. A total of 16 types of mineral sands have been found there that can have the potential to achieve economic prosperity of the country. According to experts, if Blue Economy can be used properly, it is possible to earn thousands of crores of money every year.

However, the country has not yet adopted a comprehensive policy and plan. Deep-shallow marine resources have remained undiscovered for the past eight years. On the other hand, Myanmar and India are earning huge foreign exchange by extracting oil and gas from the sea and exporting it to meet their own needs. They have started extracting oil and gas on a limited scale which is very less than the inexhaustible oil and gas reserves in the Bay of Bengal. Every step must be taken in a planned manner. This will turn the economy around.

Contribution of Fisheries Sector to Blue Economy: Bangladesh Fisheries Research Institute under the Ministry of Fisheries and Livestock is conducting nine studies to implement Blue Economy. Among these are seaweed farming on the coast, rock crab fry production and oyster farming, deer and wheel shrimp farming, cage farming and mullet farming, green muscle farming etc. So far 138 species of seaweed have been identified on the coast of Cox's Bazar beach. Of these, 18 species are commercially exportable and profitable.

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