Harnessing potential of maritime resources

Since securing exclusive rights to a significant area in the Bay of Bengal in 2013, Bangladesh has had the opportunity to capitalise on its maritime resources for economic growth and prosperity. However, a decade later, we find ourselves falling short of realising this potential due to a lack of proactive measures and insufficient funding allocation.
Globally, the blue economy represents a trillion-dollar industry, offering immense opportunities for economic advancement and sustainability. Yet, Bangladesh's share in this sector remains disproportionately low, with our current tuna harvest representing less than one per cent of our potential capacity.
Experts have identified a lack of accountability and effective utilisation of marine rights as key factors contributing to this shortfall. While scientists worldwide are constantly exploring and extracting new resources from the sea, such efforts are notably absent in Bangladesh. This underscores the urgent need for stronger government initiatives to bolster our blue economy and harness the potential of maritime resources.
Academics have rightly cautioned that without adequate funding for marine resource extraction and research, Bangladesh risks falling further behind in leveraging these abundant resources for economic growth. As KM Azam Chowdhury, Chairman of the Oceanography Department at Dhaka University, aptly points out, funding shortages severely hamper research endeavours essential for unlocking the potential of blue economy.
The budget presents a crucial opportunity to address these shortcomings and pave the way for a more prosperous future. It is imperative that the government allocates substantial funds to support research and resource extraction in the maritime sector. By doing so, we can harness the immense economic benefits offered by our maritime resources and contribute significantly to the global blue economy.

Abu Sufian, Student
Chittagong University