Progga Das

Blue Economy refers to the sustainable development of ocean and wetland-based economic activities. It is a promising sector that ensures economic growth, employment generation, and environmental conservation by properly utilizing marine resources. This concept is one of the most crucial means of sustainable development in the 21st century. Proper utilization of marine resources can contribute to economic growth, poverty alleviation, and environmental protection while creating employment opportunities.

The 14th goal of the United Nations' Sustainable Development Goals (SDG), "Life Below Water," is directly related to the Blue Economy. Several international organizations, including the United Nations, World Bank, and Ocean Economy Association, have emphasized the importance of this sector. For maritime nations like Bangladesh, the Blue Economy has opened up remarkable opportunities.The foundation of the Blue Economy lies in sustainable marine policies. The ocean-based economy significantly contributes to the global economy.

According to the World Bank, economic activities worth 3 to 5 trillion dollars place annually surrounding the ocean. The ocean provides 15% of the protein supply for 8.07 billion people worldwide through marine fish, plants, and animals. About 30% of the world's gas and fuel oil comes from various gas and oil fields located beneath the ocean floor. According to the OECD, by 2030, the Blue Economy sector is expected to create nearly 40 million jobs globally. Countries like Australia, Norway, and Malaysia are already reaping the benefits of the Blue Economy.

The vast waters of the Bay of Bengal provide Bangladesh with an excellent opportunity to harness the potential of the Blue Economy. After resolving maritime boundary disputes with Myanmar in 2012 and India in 2014 through international court rulings, Bangladesh now has sovereignty over more than 118,813 square kilometers of maritime area. Additionally, the country has exclusive economic rights over a 200-nautical-mile economic zone, along with sovereign rights over all living and non-living resources up to 354 nautical miles from the Chattogram coast on the continental shelf.The proper utilization of these vast resources and the structured development of the Blue Economy can open up new horizons for Bangladesh's GDP growth. Beyond fish, the ocean offers immense potential in biotechnology, shipbuilding and shipbreaking industries, marine aquaculture, salt production, marine renewable energy, oil and gas exploration, seabed minerals, maritime ports, and marine tourism. Experts believe that Bangladesh’s maritime zone holds reserves of oil and gas, which, if properly explored, could become a significant strength for the Blue Economy. Research suggests that Bangladesh’s exclusive economic zone (EEZ) may contain 0.11 to 0.63 trillion cubic feet of potential natural gas hydrate deposits. Efficient extraction of these resources could ensure energy security for the country and transform the overall economy.Furthermore, exporting marine-based food products could generate a substantial amount of foreign exchange.

According to FAO, while 8 million tons of fish can be harvested annually from the Bay of Bengal, Bangladesh is currently able to extract only 0.7 million tons. By employing advanced technology, fish harvesting can be increased significantly. The deep-sea region holds an abundance of highly migratory fish species, including tuna and tuna-like species. Many marine organisms are valuable for cosmetics, nutrition, food, and pharmaceuticals, which, if properly utilized, can generate significant foreign revenue.Bangladesh currently produces about 1.5 million tons of salt annually, meeting domestic demand. The introduction and adoption of modern technology in salt farming could enable salt exports to foreign markets.

Additionally, 90% of global trade is conducted through maritime transport. To take full advantage of this enormous economic opportunity, Bangladesh must act swiftly to develop its maritime infrastructure. Harnessing tidal energy for electricity generation could reduce the country's dependency on expensive foreign energy imports. Furthermore, strengthening the marine tourism sector could significantly contribute to the national economy.To successfully implement the Blue Economy, Bangladesh’s youth generation must step forward. About 65% of Bangladesh’s total population consists of young people. If properly trained, this vast population could bring a revolutionary transformation to the Blue Economy sector. Universities should introduce specialized courses on "Maritime Studies" and "Blue Economy Management" to enhance youth skill development. Young professionals can contribute by utilizing modern technology for marine resource conservation and exploration.

Blockchain, drones, and satellite technology can play a key role in ensuring efficient management and protection of marine resources.Additionally, young entrepreneurs can explore new opportunities in fisheries, shipbuilding, and marine tourism, which will drive innovation and accelerate Blue Economy growth. The tech-savvy younger generation can leverage digital solutions and mobile applications to enhance fisheries and tourism management.The Blue Economy presents a massive economic opportunity for Bangladesh. Through proper planning, technological advancement, and active youth participation, this sector could strengthen the country’s economic foundation. If young people play an active role in Blue Economy initiatives, Bangladesh will not only be able to compete with developed nations but also establish itself as a global leader in marine resource management. A well-structured policy and strategic planning will ensure that the Blue Economy drives Bangladesh toward achieving its sustainable development goals and fortifying its economic resilience.

The writer is a Student, Department of Economics Eden Mohila College.