Blue Economy and the opening of new horizons in Bangladesh -Tamanna Islam

Economy

The sea is called the lungs of the earth. The land beneath the sea is a world full of diversity and abundance of life. Professor Gunter Pauli, an Australian citizen, gave the first idea of ??the huge economic potential. In 2010, at the invitation of the United Nations, the idea of formulating an environmentally friendly sustainable economic framework was expressed in his speech.
Blue economies are the water resources of the oceans, the resources of the oceans and the economies that surround the oceans. Blue Economy means the color of the sea is blue. That is why the sea-centric economy is called Blue Economy. The main components of Blue economy are mineral resources, water resources, transportation services, energy resources, tourism industry etc. The planned use and sustainable development of these will bring huge potential to the maritime economy. Like other countries in the world, Bangladesh will be able to use its marine resources for economic development.
Bangladesh has already established absolute sovereignty and sovereignty over 1,17,173 square km of waters from the International Court of Justice (ICJ) on March 14, 2012 over the dispute over the Bay of Bengal with Bangladesh and Myanmar through historic sea conquest. The mineral resources of the Bay of Bengal in the south of our country are not found in any other sea or bay in the world and it is said that whoever controls the Bay of Bengal will control the whole of South Asia. That is why the superpowers are trying to occupy the Bay of Bengal.

Blue Economy is becoming more and more popular in the world at present. By 2050, the world’s population will be about 950 million. We have to lean towards sea resources as we are forced to provide food to this huge population. The developed nations of the world are already harnessing marine resources and increasing their economic growth. Ninety percent of Indonesia’s national economy is dependent on the sea, and the government has already taken steps to ensure that, if implemented successfully, the value of resources extracted from the sea would be 10 times the budget. Australia currently earns 44 billion from their marine resources. Now the question is what are the future prospects of blue economy in the dark bay of maritime resources of Bangladesh & how will Bangladesh be able to create employment through blue economy and what will be the future economy of Bangladesh?

There is a gulch like area in the Bay of Bengal in Bangladesh, which is about 6 km long and is known as a fish sanctuary. There are 450 species of fish, 337 species of snails and oysters, 6 species of turtles, 36 species of shrimps, 10 species of dolphins and 5 species of lobsters in the Bay of Bengal. These include the economic demand for snails, snails, shellfish, crabs, octopuses, and sharks, and are widely considered as food in many countries. There are also marine weeds, creepers, shrubs. Medicinal weeds from the Bay of Bengal are processed to make medicines for various diseases and among these weeds; Espirulina is the most valuable which is consumed as food in China, Japan and various European countries. It is possible to make different types of sauces, bitumen, etc. from marine fish with food, fish oil, which will result in employment and earn huge amount of foreign exchange. There is also a lot of demand for tuna fish in the Bay of Bengal.

According to the Bangladesh Atomic Energy Commission, the total mineral reserves in the beach sand are 4.4 million tons. Of this, the actual stock is 16 lakh 44 thousand tons. Out of 16 types of minerals in the Bay of Bengal, there is a possibility of extraction of 1 million tons of mineral sand in 13 places. Molybdenum, manganese, crust, copper, lead, zinc, sulfide are found in the deep sea floor and raw material clays of cement industry have been found 30 to 60 km deep in the bottom of the sea. Monazite is a very valuable substance in mineral sands and is used in atomic bombs and nuclear reactors. At the bottom of the Bay of Bengal there are ores called manganese edible, phosphorus deposits, polymetallic sulfide. These ores refine rare metals, including cobalt and lead, and can be used in shipbuilding and chemical plants. There are also gems, pearls, gold, silver, corals and other precious gems.

Precious metals uranium and thorium have been found in the deep and shallow seas of the Bay of Bengal. It is expected that 1-5 metric tons of salt will be exported if advanced technology is used in the production of good commercial salt along the coast. Black gold is found in Maheshkhali, Teknaf, Nijhum Island, Kuakata in Cox’s Bazar which is affecting our economy.

There is darkness in the gas field in the Bay of Bengal. There are 200 trillion cubic feet of gas reserves in 23 blocks of the Bay of Bengal from which crores of rupees can be earned.

There is potential tourism industry around the Bay of Bengal. Various industries will be formed around this industry and there will be huge employment. Millions of tourists will flock to enjoy the natural beauty of the Bay of Bengal.

There is a possibility of increasing international trade through the Bay of Bengal. Bangladesh is already building international standard ships and exporting them abroad and at present Bangladesh is in the 3rd position in ship exports. The ship breaking industry is also gaining popularity in the world.

Businesses can be expanded locally and internationally through the resources extracted from the sea. The demand for local products in Cox’s Bazar and Kuakata markets is high among tourists. Demand for this specialty has grown significantly as a result of recent corporate scandals.

The Blue Economy is not only the expansion of the ocean economy, but also the opening up of eco-friendly new horizons by mitigating the risks of climate change. In addition, the role of the sea in poverty alleviation, increase in capital flows, investment-friendly environmentally friendly infrastructure development, reduction of unemployment, job creation, elimination of regional and gender disparities and sustainable development is immense. About 80 percent of human food and livelihoods and world trade is handled by sea.

It is possible to implement the Blue economy by making proper use of the resources of the Bay of Bengal in Bangladesh. The Bay of Bengal is considered as the “mine of gems” of Bangladesh. The Bay of Bengal, the heart of South Asia, is of great commercial importance as it is easy to communicate with different countries. The Government of Bangladesh has already set up an “Oceanographic Research Institute” in Cox’s Bazar district to take the Blue economy forward. Again, maritime economy has been given priority in the master plan of Bangladesh Delta Plan-2100. The Blue Economy Cell was formed in 2014. Therefore, with the proper utilization of the resources at the bottom of the Bay of Bengal, the wheel of Bangladesh’s economy will turn and the future has bright aspects.

Tamanna Islam is studying in Department of International Relations, University of Dhaka