Exploiting and exploring marine resources of the Bay

Blue Economy is a relatively new concept in Bangladesh but a widely used one in global economic discourses. Experts opine that Bangladesh can elevate itself to the status of a middle income country (MIC) by appropriately utilising the potential of Blue Economy.
The Blue Economy concept has ushered in a new horizon for economic development of the coastal countries through utilising the sea and marine resources at national and international levels. It has become a buzzword for sustainable development, particularly in setting the post-2015 development goals. Estimates suggest that some 30 million Bangladeshi directly depend on oceanic economic activities like fishing and commercial transportation. Coastal and Island Developing countries have remained at the forefront of this Blue Economy advocacy, recognising that the oceans have a major role to play in the future of mankind.
Blue Economy has a big role to play in achieving sustainable development and eradicating poverty. It should contribute to poverty eradication 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 conceptualises oceans as 'Development Spaces' where spatial planning integrates conservation, sustainable use, oil and mineral wealth extraction, bio-prospecting, sustainable energy production and marine transport.
Bangladesh's economy is sea-borne to a great extent and with $130 billion GDP (gross domestic product the country's economy stands at the 44th position. Sovereign rights have been established on more than 118,000 sq km of maritime territory, 200 nautical miles (NM) of exclusive economic zone, and 354 NM of continental shelf after positive verdicts in international courts in our maritime boundary disputes with Myanmar and India. The verdict in the dispute against India declared in July 2014 also allowed Bangladesh's sovereign rights on all the living and mineral resources of the Continental Shelf extending up to 354 nautical miles.
THE POTENTIAL OF BLUE ECONOMY
FOOD SECURITY: Food security is very closely related to the sustainable use of biodiversity, particularly where it pertains to the exploitation of oceanic fisheries. One billion people in developing countries depend on seafood for their primary source of protein. Bangladesh can have it now.
FISHERIES: Globally 350 million jobs are linked to marine fisheries, with 90 per cent of fishers living in developing countries. The value of fish traded by developing countries is estimated at $25 billion, making it their largest single trade item. Global catch rose from four million tonnes in 1900 to 86.7 million tonnes in 2000, but has stagnated subsequently.
MARINE AND COASTAL TOURISM: Marine and coastal tourism is of key importance to many developing countries. Despite the global economic crisis, international tourism continued to grow. In 2012 international tourist arrivals increased by 4.0 per cent despite the global economic crisis and constituted 9.0 per cent of Global GDP (direct, indirect and induced impact). International tourism has grown from 25 million in 1950 to 1,035 million in 2012 and WTO forecasts of 1.8 billion further growth in 2030.
POWER GENERATION: Researchers have recently completed the first ocean tests of a system that uses a so called artificial muscle to generate power from the motion of a buoy riding up and down on the waves. Although the prototype produces very little electricity, the researchers say that wave farms based on the technology could eventually rival wind turbines in power output providing a significant source of clean energy which we can hugely benefit a power hungry nation.
ENERGY FROM WAVES: A new device being developed by the UK-based Checkmate SeaEnergy could help tap an important portion of this wave power. The device is a long, water-filled rubber tube closed at both ends. It will be capable of generating one megawatt of power at about 12 cents (BDT 9.30) a kilowatt-hour, which is competitive with electricity costs from other wave-power technologies.
SHIPPING AND PORT FACILITIES: Eighty per cent of global trade by volume, and over 70 per cent by value, is carried by sea and handled by ports worldwide. For developing countries these percentages are typically higher. World seaborne trade grew by 4.0 per cent in 2010 despite the economic recession. Coastal countries and SIDS need to position themselves in terms facilities and capacities to cater for this growing trade to optimize their benefits.
AVAILABLITY OF CRUDE OIL: In 2009, offshore fields accounted for 32 per cent of worldwide crude oil production and this is projected to rise to 34 per cent in 2025 and higher subsequently, as almost half the remaining recoverable conventional oil is estimated to be in offshore fields and a quarter of that in deep waters.
BIOTECHNOLOGY: The global market for marine biotechnology products and processes is currently estimated at $2.8 billion. Marine biotech has the potential to address a host of global challenges such as sustainable food supplies, human health, energy security and environmental remediation.
SUBMARINE MINING & EXPLORATION OF OIL AND GAS: 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 poly-metallic nodules, cobalt crusts ND massive sulphides deposits-- the latter a source of rare earth elements, such as yttrium, dysprosium and terbium, important in new ICT hardware and renewable energy technologies.
PORT TAX OR LEVY: At present, around 600 ships arrive in Bangladesh per year and anchor in the ports of Chittagong and Mongla. With the opening of Blue Economy, obviously, a huge number of ships will anchor in the ports of Bangladesh, and earning from this sector is likely to increase tremendously. There will be many shipping agencies in operation resulting in a boost to our banking and insurance sector as well.
Because of the absence of maritime boundary demarcation for long, the people of Bangladesh were not able to take any effective steps to exploit and explore the marine resources of the Bay of Bengal. While Bangladeshi fishermen faced difficulties in exploiting the resources, those from other countries plundered fish resources taking advantage of the unsettled maritime boundary.
A huge stock of living and non-living resources is available under the seabed and water column. But we have a dearth of skilled manpower to ascertain the availability of resources  and explore those. Besides, there is also lack of proper technology for exploiting deep sea fishes and seabed resources. To build skilled manpower in these sectors, the government has taken steps to impart higher education on Oceanography at the Dhaka University and Chittagong University. The first National Oceanographic Research Institute is being established at Ramu to create marine scientific community for research. More such institutes should be established to cater to the need of exploring and exploiting sea resources.
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