Paving the way for blue economy

Blue economy, as the World Bank defines, is the sustainable use of marine resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem. It covers fishing, minerals, shipping and port infrastructure, biotechnology, renewable energy, tourism, ocean governance and education in marine areas. Blue economy plays significant role providing 30 per cent of oil and gas resources, 90 per cent of goods trade through oceans and seas. Blue economy contributes US$ 2.5 trillion to world economy employing around 60 million people in fisheries and aquaculture and providing rare earth metals like polymetallic nodules and sulphides.

Until 2030, the estimated potential global growth of blue economy is two times of the coastal tourism, four times of shipping, two times of oil and gas, double of fisheries, 40 times of the offshore wind, twice of aquaculture and more than 10,000 times of the seabed resources. The globe can build an economy of US$ 100 trillion by 2030.

Besides, mangroves and other vegetated ocean habitats sequester 25 per cent of the extra carbon dioxide (CO2) from fossil fuels and protect coastal communities from floods and storms. A sustainable blue economy can help achieve commitments of Sustainable Development Goals (SDGs). The inclusion of oceans as an SDG is a signal to help small-island developing countries thrive economically through the sustainable use of marine resources, driving tourism and better fisheries management.

Bangladesh, being a maritime country, needs to adopt blue economy as a top priority to promote socioeconomic growth. The country has a total maritime territory of about 1,18,813 square kilometres with total control over a region of 200 nautical miles across sizeable area and sovereign rights in the seabed extending as far as 354 nautical miles from Chattogram coast. This maritime territory is about 81 per cent of the mainland of Bangladesh. This is one of the largest bays in the world where 1.4 billion people live along its coastline in Bangladesh, India, Myanmar and Thailand. These natural resources provide fish and mineral resources such as crude oil and gas. This is also prime mode of transportation. All these elements together constitute blue economy, which implies that the country has huge potential of strengthening its condition.

Besides, geographically Bangladesh is in the middle of a prime strategic location from where the West enters Asia. Though it has some geopolitical risks there is still strong potential for it. If Bangladesh can properly handle the geopolitics, the country can emerge as a strategic bridge between the superpowers for collective benefits. Bangladesh has a unique delta with a nice sea outlet which can be a powerhouse of national economy and at least 26 maritime activities.

In Bangladesh, about 1.85 million people are fully involved with fisheries related activities, while the global jobs connection to marine fish is 350 million, with 90 per cent of fishermen living in developing countries. About 80 million metric tons of fishes are caught every year in the Bay of Bengal, out of which only seven million tons are caught by Bangladeshi fishermen. The remaining amount is caught by fishermen of neighbouring countries. This is why Bangladesh is not in the list of top 20 marine fish producers of the world. Therefore, faster and eco-friendly fishing trawlers are the demand of the hour in order to harvest the fish and other marine resources of the country. Marine biotech has also the potential to deal with a suite of global difficulties, like food, human health, energy security, and natural remedy.

Shipping and port facilities, considered to be the backbone of blue economy, covers 80 per cent of the global trade by volume, and over 70 per cent by worth. By 2030, the projected freight value of Bangladesh is around US$ 435 billion. By enhancing the handling capacity of its ports and developing deep sea port equipped with modern handling equipment, Bangladesh can substantially increase earning a hefty amount of money as port duties.

Bangladesh has so far discovered 26 gas fields with 27.12 trillion cubic feet (Tcf) gas. But the geologists reported that a large delta may form a very rich gas province of Bangladesh. Besides, the planet is getting ready for the exploration and exploitation of mineral stores on and beneath the ocean floor. Industries sector, motivated by increasing product worth, is moving its attention to the potential wealth of nodules, cobble and then on. Business profit is substantial in buds.

The coastal seabed of the Bay of Bengal is of around 354 nautical miles. It is the world's longest unbroken sea beach, from where both sunrise and sunset can be seen. These areas have great cultural diversity which attracts holidaymakers. Arranging cruise ship tourism at deep sea and developing spectacular sea aquariums can further attract the tourists in these areas. Besides, increasing recreational features, night life activities and establishing separate tourist zones for the foreign tourists in the coastal area can inspire vacationers to explore the beauty of the beaches of Bangladesh. This will help the local economy.

In order to achieve SDGs and materialise the vision of becoming a developed economy, the blue economy can play very important roles. The country needs to overcome different challenges such as ensuring sovereignty and maintaining security of the coastal areas, capacity building in marine biotechnology for breeding brood-stock and developing novel aquatic health products, establishing tourism-friendly infrastructure and conducting gas and oil exploration. Additionally, steps can be taken for developing investment friendly environment, ensuring sustainable use of biodiversity, preserving mangrove and sea grass, protecting marine and coastal ecosystems from coral bleaching, managing carbon emission, keeping the sea area free from pollution and producing qualified graduates with multidisciplinary technical knowledge. The major challenge is to manage geopolitical tussle between various regions. Underlining international laws by the vested countries limits the countries from achieving the full potential of blue economy.

To overcome these challenges the country has already taken some initiatives like boosting the naval power with submarines and equipping these with modern and adequate arms. Besides, the country has already launched a Blue Economy Cell to ensure coordination between the functions of all relevant agencies. To create experts for handling this blue economy, the government has taken initiative to educate people by opening relevant departments in the universities. A National Oceanographic Research Institute is going to be established in Cox's Bazar with a view to creating a marine scientific community for research. The government has also prepared a background paper titled 'Strategy for Ocean and River Resources Management' for the Seventh Five Year Plan (2016-2020) for an inclusive development and growth of blue economy.

Sustainable economy is a very significant issue in the world while blue economy has become part and parcel, which is also a goal (Goal 14) of SDGs which wants to "Conserve and sustainably use the oceans and seas and marine resources for sustainable development". Marine sectors are expected to expand dramatically, in the coming years, with most doubling or quadrupling in size by 2030, and others growing up to 10 times their current size.

For achieving SDGs and materialising the dream of becoming a developed country by 2041, there is no alternative but to focus on blue economy. The country needs to devise a plan encompassing the potential of entire coastal belt and start taking steps to materialise that plan. Sea Economic Zone (SEZ), like EPZ can be an excellent way to promote blue economy and plan-wise development of this SEZ through Public Private Partnership (PPP) programme may harvest the benefit of blue economy. If Bangladesh can do this, only then it can cash in blue economy and change the fate of the people sustainably. The government should take future policy-framework for the success of blue economy that can focus on structural collaboration, translating research in products, holistic approach to blue economy, and motivating and training young generations in this line.

Dr. Md Mizanur Rahman is an economist and researcher. [email protected]