The Indian Ocean Rim Association (IORA) can help Bangladesh harness huge unexploited resources in the vast Bay with its expertise. But unfortunately, as its representation indicates, the country is not giving the importance to the bloc it merits.
The 14th meeting of the Council of Ministers (COM) of the IORA was held in October in Perth, Australia last year. The meeting was attended by Ministers, Deputy Ministers, senior officials, and business delegates from the 20 member-states, and the six dialogue partners. But Bangladesh was represented by only a Director of the Ministry of Foreign Affairs.
The theme of the COM meeting was the creation of an Indian Ocean Blue Economy. The first step towards the realisation of this project is the First IORA Blue Economy Conference which would be hosted by Mauritius in 2015.
True, Bangladesh, during the meeting, commended the initiative on the Indian Ocean Blue Economy and informed that the country already hosted such a meeting in Dhaka in September last year. Bangladesh has also expressed willingness to host an event on the Indian Ocean Blue Economy.
It is now vital for Bangladesh, after formal delimitation of the Bay of Bengal, for a thrust on marine-based economic activities and management of sea and its resources through 'Blue Economy'. Such activities could open a new horizon for development of a coastal country like Bangladesh. It is also time for tapping the huge potential of sea and sea resources through proper management to ensure sustainable development.
The marine-based economic activities through Blue Economy, alongside the existing land-based development activities, could further expedite development of the coastal countries like Bangladesh and the developing coastal states. It is time-befitting in the present perspective to continue sustainable trend of Blue Economy using huge natural and mineral resources in and under the sea and the adjoining areas of the ocean, experts say.
The IORA could help its member-state Bangladesh create skilled manpower to exploit the marine resources from within the country's huge sea boundary. The Bay of Bengal could determine the country's future development and economic growth through expansion of international trade, use of marine mineral resources for long-term energy security, proper management of marine fish resources, and protection of bio-diversity and marine environment.
It may be mentioned here that the economy of Bangladesh is totally sea-borne and with $130 billion GDP (gross domestic product), Bangladesh's economy is the 44th in the world in terms of GDP.
But Bangladesh has a dearth of skilled manpower and proper technology for exploring marine resources although it has a huge stock of living and non-living resources available under the seabed and water column. As a coastal country, the interests of Bangladesh are associated with the sea and the main obstacle to establishing rights there was unsettled sea boundary with India and Myanmar. It was Bangladesh which ratified the UN Convention on the Law of the Sea (UNCLOS) in 2001, creating a huge opportunity for establishing Bangladesh's rights in the sea on the basis of international laws and regulations. With relentless efforts of the present government, Bangladesh won the maritime boundary cases with India and Myanmar.
It is time for Bangladesh to seek close cooperation of the IORA in tapping Bay of Bengal resources as most of its member-countries have already gained precious lessons from exploiting the Indian Ocean for a speedy economic take-off.
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