Blue conomy is Bangladesh’s platform for smart economy

Blue economy focuses on sustainable use and improvement of resources to achieve economic growth, better livelihoods, and protection of the ecosystems along the coasts and seas of Bangladesh.  The country’s Blue economy has allowed for a vast potential for sea-based economics. This has created opportunities for equality and human welfare through sustainable economic development that makes fair use of the ocean and its marine resources.

This has opened up the possibility to reduce environmental risks and deficits in the country. Nearly half of Bangladesh’s population has been employed in agriculture since the dawn of the 21st Century. Bangladesh is still heavily dependent on agriculture. Jute and tea are the most important foreign exchange sources, while rice is the country’s main agricultural product. The Bay of Bengal is currently responsible for 95% of the country’s import-export.

International law states that the exclusive economic zone for the country is 200 miles from the Gulf. All activities that are related to goods, services and production systems, as well as consumption and trade, form a country’s economy. Each country is governed by its own culture, laws, history, and geography. Robert Lucas Jr., Nobel laureate, rightly believed that economic growth is crucial to a country’s success. He emphasized the importance of incentives for economic development.

Bangladesh’s potential to create a sea-based economy is enormous, taking into consideration the experiences of similar countries. It is difficult to plan and implement far-reaching strategies that will bring about radical changes in the economy or use marine resources for sustainable growth in today’s global environment. It is important to take concerted steps to develop the promising sectors of marine economy, such as coastal protection and surveillance, fishing, fisheries and shipping, energy, and tourism.

The country’s priorities include improving maritime traffic systems, effective incident management, and strengthening and accentuating partnerships with local indigenous communities. The country’s blue economy or sea is essential to our lives, livelihoods and economic success. It is important to encourage investment, expansion or continuation of existing initiatives, and strengthen partnerships.

The emphasis should be on marine resource exploration and extracting. Bangladesh’s marine resources account for more than half the country’s total income. You can improve your quality of life by decreasing the fear of any potential food crises in Bangladesh to zero.

Bangladesh’s capabilities today are international. Many other countries around the globe now acknowledge that Bangladesh has much to offer. Bangabandhu Sheikh Mujibur Raman, the greatest hero in world history and the best Bengali for a thousand years, granted the Bengalis the desired freedom. His daughter, Sheikh Hasina, has made Bangladesh the most successful country in the history of steel-hard index.

Many mega projects including Padma Bridge, Metrorail, Bangabandhu Bridge, Matarbari Project, Bangabandhu Tunnel, Bangabandhu Rail Bridge, Rooppur Nuclear Power Project, and Payra Seaport are nearing completion.

This includes the government’s plan to create special policies for sustainable extraction, conservation and use of the huge blue water resources in Bay of Bengal. Oil and gas have increased in the future thanks to the International Court of Justice’s exploration of new maritime borders. In the near future, the income from the shipbuilding, ship breaking and tourism industries in Bangladesh will rise at a rate of 9.0 percent per year. Many countries, including Australia, New Zealand and East Asia, Pacific Islands and New Zealand, have seen adverse effects from global climate change and warming. One-third of Bangladesh is already in the Bay of Bengal, and one to thirty million people living along the coast of Bangladesh will be displaced. There is concern that this will happen.

The sea coast of Bangladesh is not safe for people and their resources. To ensure that the coast people have the resources and livelihood they need, it is important to develop a sustainable development plan.

The green economy has several goals, including sustainable management and protection for the marine environment, food security, new areas of high-value employment, and economic diversification. A comprehensive plan is essential for the sustainable development and sustainability of the blue-economy. It is vital to involve the Ministry of Environment and External Affairs, Ministry of Fisheries and Livestock, Ministry of Power, Energy and Mineral Resources, Ministry of Shipping, Ministry of Civil Aviation and Tourism. The Blue Economy of Bangladesh: Research and analysis on the challenges and limitations, policy reforms, and inter-domestic as well as foreign cooperation. Realizing the full potential of the economy can be a great help. Building a happy-prosperous-smart Bangladesh requires timely and well-thought-out planning, decision-making and support from the government to enhance the capacity of the green economy.

Delwar Jahid

Delwar Jahid, a veteran freedom fighter and Canadian expatriate journalist and researcher.