Private role welcome in blue economy: minister

The government has sought private sector support to tap the resources of the Bay of Bengal.

State Minister for Foreign Affairs Md Shahriar Alam has called for private role in ‘blue economy’, which the government is pursuing for sustainable growth.

The policy was adopted following the settlement of the maritime boundary disputes with India and Myanmar.

Bangladesh has established sovereign rights over more than 118,000 sq km of maritime territory, 200 nautical miles (NM) of exclusive economic zone, and 354 NM of continental shelf through international court verdicts in the past couple of years.

It has raised hopes of extracting “plenty of resources” from the Bay of Bengal, which Bangladesh considers it to be its “third neighbour”.

The government had earlier sought regional and global partnerships for tapping the resources, realising the lack of indigenous skills and technology.

Alam said on Thursday that lack of skilled human resource, institutions, and technology pose the “key challenge” to Bangladesh in “effectively” utilising marine resources.

He said speaking at a Bangladesh Institute of International and Strategic Studies (BIISS) organised seminar in Dhaka.

He said the objective of the blue economy initiative was to promote “smart, sustainable growth and employment opportunities” in Bangladesh’s maritime economic activities in the “short, medium and long-term time frames”.

“The extensive review and analysis of ‘blue growth’ potential has confirmed the potential of the blue economy as an untapped resource,” he said.

“The Bay of Bengal could determine Bangladesh’s future development and economic growth through expansion of International trade, use of marine mineral resources for long term energy security, proper management of marine fish resources and protection of bio diversity, and marine environment”.

But presently “there is a dearth of modern technology, finance and logistical backup to further expand and enhance our common sectors like fisheries, tourism, maritime transport, and ship building and ship recycling”.

He said the government would shoulder the “primary responsibility” in the sustainable management of marine resources, “but the private sector would continue to play a key role in the blue growth across a range of sectors”.

The government would play the role of a facilitator, laying down policies, strategies and modalities of collaboration and engagements, he said.

“We also appreciate and support regional and sub-regional initiatives for marine resource management as well,” he said.

“We believe a ‘safe and secure ocean’ is a prerequisite for economic development and sustainable marine resource management is one of the key elements for that development”.