Dhaka, Wednesday, 29 September 2021

Blue Economy to open new door of potentialities


Blue Economy means extraction of the resources of sea for the growth of an economy. A country can fulfill the dream of economic revolution by utilizing her vast resources of the ocean and its beneath. After winning a huge sea areas of Bay of Bengal, Bangladesh’s roadmap of implementing an economic revolution is going on in a fast pace. Bangladesh is witnessing new dreams surrounding the sea economy.

Internal strategies have been taken on one side of the acquisition of sea resources. On the other hand, effective and necessary assistance from the coastal countries has been taken. In the meantime, Bangladesh government is working to formulate a law to set up a Blue Economy Authority.
Following the verdicts of maritime boundary dispute cases, government has already formed a Blue Economy Cell under the Power and Energy Division to strengthen the activities related to it.
Bangladesh has settled maritime boundary disputes with Myanmar in 2012 and with India in 2014 through an arbitral method. It is estimated that Bangladesh has acquired 118,813 square kilometers of the Bay of Bengal. The areas of resources include 200 nautical miles of exclusive economic zone and over 354 nautical miles of resources on seabed (continental shelf).
The countries of the world have been looking to meet their present and future needs, in the sea, to the accumulated wealth. In 2050, the population of the world will be around 900 million. When the people are forced to provide food for this huge population, they must be dependent on the ocean.
According to experts, the silt on the adjacent sea area in Bangladesh contains valuable minerals such as uranium and thorium besides a large number of ‘clay’ which constitutes raw materials of cement. Experts believe that there exist 13 heavy mineral-rich silts in the adjacent sea areas of Bangladesh, such as ilmenite, garnet, colemanite, zircon, retile, and magnetite which, according to them, are more valuable than gold. The sale of these minerals could earn billions of dollars for Bangladesh. It is reported that the country has 75 outer-islands which could be utilized for tourists both local and foreign. If Bangladesh can explore and exploit these resources through the use of appropriate technology, the economy of Bangladesh can grow rapidly into an advanced one. Although the government of Bangladesh has leased out some areas of Bay of Bengal to foreign companies, it is believed that they are not using expensive modern machinery to extract the resources. Due to continuous wealth accumulation, the amount of land in the world has decreased. So the whole world is looking for new resources.
Bangladesh is dreaming of a new dream after the great seashore. The majority of Indonesia's national economy is based on the ocean. Australia is currently earns around 44 billion dollar from the marine resources. In recent times, Bangladesh has taken a number of measures to collect assets from the sea. If it implemented properly, it will be ten times of the value of our national budget.
Employment opportunities for a large number of population of Bangladesh can be arranged by Blue-Economy. But the question is, how capable are we to acquire these valuable resources?
This is why, we strongly suggest that the government of Bangladesh should create an organization to acquire the resources of the sea as soon as possible as there is an unlimited scope of opportunity to extract these resources.