Mentioning that untapped potential of the ocean-based economy can bring a huge opportunity for Bangladesh, discussants at a programme have suggested creating a separate ministry for harnessing huge resources hidden in its Bay-based blue economy.
They eye huge jobs, foreign investments and exports in multifaceted industries that can be built using the marine resources in 19,467-square-kilometre resource-rich bay area Bangladesh - got through dispute settlement with India and Myanmar in international arbitration.
Huge offshore oil and gas reserves are yet beyond reach, they said, striking a note of optimism that the potential ocean economy may change the whole ecosystem of Bangladesh's economy.
The suggestion and observations came at a hybrid seminar on 'Blue Economy and Maritime Security: Bangladesh Perspective' arranged by Bangladesh Institute of International and Strategic Studies (BIISS) on Thursday.
Chairman of BIISS Ambassador Kazi Imtiaz Hossain chaired the inaugural session of the event.
Speaking as the chief guest, State Minister for the Ministry of Planning Dr Shamsul Alam said the government had put emphasis on the contribution of the blue economy in Bangladesh's future sustainable development endeavours.
He underscored the need for resource exploration and resource exploitation for the sustainable development and proper utilisation of the blue economy.
At the same time, he said that knowledge mobilisation and conducting research on the subject matter were equally important.
The state minister also proposed establishing a separate ministry for blue economy or a separate division under the Ministry of Science and Technology for properly harnessing huge resources hidden in the blue.
BIISS Chairman Ambassador Kazi Imtiaz Hossain stressed ensuring maritime security and harnessing the potential of the blue economy.
In his welcome remarks, BIISS Director General Major General Mohammad Maksudur Rahman put emphasis on creating a blue economy belt to utilise the huge untapped resources of the vast area of the sea.
Secretary of Maritime Affairs Unit at the Ministry of Foreign Affairs Md Khurshid Alam said Bangladesh got a 19,467-quare-kilometre highly resourceful area in the Bay of Bengal after winning maritime-boundary disputes with Myanmar and India.
The total sea area of Bangladesh is 664 kilometres, but fish is harvested in only 60-kilometre waters, said Mr Alam, also a retired rear admiral of Bangladesh's naval force.
Not only fish or mineral resources, rather Ocean Economy may change the whole picture of the economy of Bangladesh, he observed.
By utilising the marine resources, various industries, including tourism, shipbuilding, deep-sea fishing, container, medicine, and cosmetics industry, can be developed, added Mr Alam.
