Bangladesh should pay serious attention to properly exploring available blessings from the hitherto untapped blue economy, which could give enough impetus to the country's journey towards becoming a developed nation, businesses and expert said on Sunday.
They, at the same time, called upon the country's private sector to concentrate more on exploration of the ocean-based resources in the way they have contributed to Bangladesh's recent graduation from the LDC (least developing country) status.
They also recommended introducing a sustainable authority on Blue Economy to deal with the massive development activities connected with it in a planned way, as the economy can generate businesses worth $40 billion in the coming days.
These suggestions were made at a luncheon meeting of Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI).
Secretary (MAU)'s Office of Ministry of Foreign Affairs Rear Admiral (retd) Md. Khurshed Alam was present in the programme as a guest of honour.
Presenting a keynote paper titled "Challenges of implementing the opportunities of Blue Economy in Bangladesh", Mr. Alam said the opportunities still remain untapped. The country's sea area has expanded largely, which is almost 81 per cent in compare to the size of the mainland.
He said Blue Economy has resources worth $24 trillion, but the world has so far utilized only around $3.0 trillion. Some 26 sectors, like - fisheries, mineral resources, pharmaceuticals, transportation, energy, foods, health and tourism etc, can be greatly benefitted by the undiscovered marine resources.
Talking about Bangladesh's existing capability, he said the country has a total of 660 km-long sea boundary, but the fishing vessels cannot catch fish beyond 70 km.
"It means we've no access in almost 600 km. That's why fishing vessels from India and Myanmar often come to catch fishes from our territory. Not only that, our fishing net cannot go below 200 feet of water, whereas the high-valued fishes like Tuna and Swordfish are available in the deep water."
He also said the government is conducting a joint study with European Union (EU), as the contribution of Blue Economy to the EU coastal countries was around €495 billion in 2017.
"We're working with two experts from EU, and we're trying to analyse where we can match up and where we should focus on. We will have the report by this year."
He also urged the private sector to come forward and invest in the untapped sector to gain more benefits from it.
Speaking as a special guest, Malaysian High Commissioner to Bangladesh Nur Ashikin Mohd Taib said the concept of Blue Economy has opened a new horizon for economic development of the coastal countries through utilising sea and marine resources at national and international level.
"We consider such economy in the context of sustainable development and poverty eradication. It should contribute to sustaining economic growth, enhancing social inclusion, improving human welfare and creating decent jobs while maintaining healthy functioning of the ecosystem," she added.
BMCCI President Syed Moazzem Hossain said some people were trying to explore Blue Economy in unregulated and inappropriate ways. By proper use of the economy, the country can reach the target of becoming a developed country before the stipulated time.
"Bangladesh needs a sustainable Blue Economy authority, which will provide proper business modules for the investors in a systematic and planned way."
He also urged the private entrepreneurs to explore the opportunities available in the ocean.
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