Daily Times

The blue economy is one that is centred on ocean resources. The economics of harnessing the enormous seas and the diverse riches that lie under their surface. That is, if any maritime resource contributes to the country’s economy, it falls into the blue-economy stage. The blue economy has long been used in wealthy nations. The blue economy has a great contribution to the core economies of the countries. Recently, attempts have been undertaken to incorporate the contribution of the blue economy into the Bangladeshi economy. If Bangladesh’s potential is realised, the country’s economy will shift dramatically.

Bangladesh’s entire marine area is now 1 lakh 18 thousand 813 square kilometres, which is almost equal to the country’s land area. After gaining control of the maritime border, this sector has enormous potential for economic growth in Bangladesh. Hilsa is in high demand in many nations throughout the globe, including Bangladesh. Hilsa accounts for 16 percent of all sea-caught fish in Bangladesh. In addition, the Bay of Bengal has 475 species of fish and 36 kinds of prawns. These prawns are likewise in great demand. It is suspected that oil and gas mines exist inside Bangladesh’s territorial waters.

About 13 million Bangladeshis work in fishing, while 6 million work in the salt production and shipbuilding sectors. Around three crore people in the country rely on the sea for their survival and livelihood. Keeping these issues in mind, the Bangladesh government has already undertaken 26 initiatives towards economic development centred on the sea. These include shipping, coastal shipping, seaports, passenger services by ferry, inland waterways, shipbuilding, ship recycling industry, fisheries, marine aquatic products, marine biotechnology, oil and gas, sea salt production, ocean renewable energy, blue energy, mineral resources (sand, gravel, and others), marine genetic resources, coastal tourism, recreational water sports, yachting and marines, cruise tourism, coastal protection, artificial islands, green coastal belt or delta planning, human resources, maritime safety and surveillance, and marine aggregate spatial planning (MSP).

For several reasons, Japan may lend a helping hand to Bangladesh’s blue economy and emerge as a vehicle for collaborative growth.

The ocean provides more than $6 billion to the Bangladesh economy each year and has the potential to create much more cash. The marine area is almost as large as the country’s land area and is rich in precious resources. The marine domain includes 26 blocks obtained from India and Myanmar. Those concerned believe that leasing these blocks might yield around 40 trillion cubic feet of gas.

According to a 2015 report by the Economic Intelligence Unit, in recent years, the governments of various coastal countries and islands around the world have begun to look to the sea as a new front for the economy. The countries are adopting a policy of growth based on the sea economy. Despite the potential, Bangladesh’s maritime victory has passed for a long time, but we are lagging due to various reasons.

Experts say that apart from livestock, there is valuable sand, uranium, and thorium in 13 places in the Bay of Bengal. These contain precious metal elements like ilmenite, garnet, zircon, rutile, and magnetite. Moreover, there is a lot of clay suitable for making cement under the sea in Bangladesh. Meanwhile, Article 14 of the Sustainable Development Goals (SDGs) mentions the exploration and conservation of marine resources in sustainable development. Therefore, to meet the SDGs by 2030, the importance of extracting marine resources is immense.

Following sea demarcation, 26 new blocks were established, 11 of which are shallow sea blocks and 15 of which are deep sea blocks. After that, a long period passed with no sign of development. Contracts for exploration in just four blocks have been signed with foreign businesses, according to the most recent 2019 statistics. However, Bangladesh was unable to drill a single well. The remaining 22 blocks are motionless. The good news is that since 2016, a marine research and survey vessel called the “RV Meen Shandhani” has been conducting surveys of bottom and surface fish, including sea prawns, down to a depth of 200 metres in the ocean. One encouraging development is that Bangladesh and India have previously inked a bilateral agreement on the marine economy. Additionally, China and Japan have also shown a willingness to reach a compromise arrangement.

For several reasons, Japan may lend a helping hand to Bangladesh’s blue economy and emerge as a vehicle for collaborative growth. To begin, Japan has traditionally maintained positive connections with nations such as Bangladesh, Myanmar, India, and Sri Lanka via cooperation, FDI, loans, and grants. Japan is these nations’ major development partner. As a result, Japan’s involvement in the area is expected to increase.

Second, the Bay of Bengal Industrial Growth Belt plan is critical to further strengthening Bangladesh-Japan ties. Furthermore, Japan may seek to improve regional connections to spur economic growth. Japan has already committed $200 million to the development of a new cargo port in Yangon, Myanmar.

Non-traditional security challenges such as economics, energy, connectivity, and natural catastrophes are of great significance to coastal nations. The significance of the blue economy in exploiting deep-sea resources, the development of Portland, and increased connectivity in the area necessitate Japan’s investment in basic infrastructure such as dependable electricity and communications, as well as an optic fibre across the gulf. These strategic components of the Bay of Bengal are critical to the littoral nations’ mutual prosperity.

As traditional geopolitics transforms anew, with the Gulf regaining centrality in the larger Indo-Pacific arena, India, Japan, and Southeast Asia see their perspectives increasingly converge and feel the need to converge more significantly.

The Big-B Plan has significant implications for India, Bangladesh’s Look East policy, and Thailand’s Look West policy. It is also useful for multilateral forums like BIMSTEC, ASEAN, and MGC. Therefore, if the existing challenges can be mitigated, it is expected that Japan’s cooperation will be met in this regard.

The writer is a freelance columnist.