Tuesday 26 March 2019 ,
Tuesday 26 March 2019 ,
Latest News
  • Coaching centers to remain closed from Apr 1 to May 6
  • UN wants to know modalities of Rohingya relocation to Bhasan Char
  • Govt aims to reach benefits of independence to villagers: PM
  • 12 personalities, 1 organisation receive Independence Award
20 February, 2019 10:03:16 AM
Print

Experts predict annual income of $1b from blue economy

STAFF REPORTER, Dhaka
Experts predict annual income of $1b from blue economy

Settlement of maritime disputes has opened up a new horizon for Bangladesh, which can earn USD 1 billion a year by unlocking its ‘blue economy’ potential, said experts at a seminar. The seminar was organised at a city hotel as part of a two-day dialogue titled “Bangladesh Blue Economy Dialogue on Fisheries and Mariculture”. It was jointly organised by the Ministry of Fisheries and Livestock and the Food and Agriculture Organisation (FAO) of the United Nations (UN).

Speaking at the inauguration ceremony as chief guest, state minister of fisheries and livestock, Ashraf Ali Khan Khasru, said Bangladesh could expect a breakthrough in the blue economy by developing its capacity in the field. “Though there is a vast amount of resources in the ocean, very little of it is being utilised currently due to a lack of capacity,” he also said.

“We need improvements in science, technology and innovation to explore all the possibilities,” he added. The government needs to work together to achieve this, he noted. He also said it took time to reap the benefits of any such new avenue like the blue economy. “We're marching ahead. The future holds a lot of promises. The private sector also needs to come forward,” added the state minister.

During the three technical sessions held yesterday under the dialogue, the speakers expressed the necessity of the exploring the huge resources beneath the blue waters of the Bay of Bengal. They also demanded urgent policy interventions based on in-depth studies for harnessing and preserving those resources for the nation.

Rear Admiral (retd) Md Khurshed Alam, BN Secretary, Maritime Affairs Unit of the Ministry of Foreign Affairs, said 95 per cent of the country's imports and export are done through the sea ports located beside the Bay. Apart from the exclusive economic zone extending up to 200 nautical miles in the Bay, Bangladesh's sovereign rights in the seabed now stretch up to 354 nautical miles from the Chattogram seaport, he added.

He also said that the Bay of Bengal is the largest among the 64 bays in the world and around 1.4 billion people live along its coastline in Bangladesh, India, Myanmar and Thailand. Besides, nearly 40 per cent of the Bangladeshi population live in the coastal regions and about 30 million people are engaged in sea-related activities like fisheries and transportation, he added.

Referring to a World Bank study 2018, the speakers said the ocean economy contributed USD 6.2 billion in gross value addition or 3 per cent of GDP to the Bangladesh economy. This economy largely comprises tourism and recreation (25 per cent), marine fisheries and aquaculture (22 per cent), transport (22 per cent), and offshore oil/gas extraction (19 per cent).

Full and part-time employment in capture fisheries and aquaculture is estimated to be 1.3 million. On the other hand, an estimated 6 million people are engaged in sea-salt production and ship-breaking activities.

Speaking at a seminar of the dialogue, Abul Kalam Azad, principal coordinator (SDG Affairs), Prime Minister’s Office, said the new maritime boundaries probably held one of the largest oil and gas reserves in the region. Besides, shipbuilding and ship-breaking are expected to grow moderately. The tourism sector is expected to grow at the rate of 9 per cent a year over the next decade, he added.

BK

Comments

Poll
Today's Question »
State minister for power Nasrul Hamid yesterday said everyone to have access to electricity by June. Do you think the feat achievable by the timeframe?
 Yes
 No
 No Comment
Yes 54.5%
No 41.8%
No Comment 3.8%
Video
More Business Stories
Reforms soon to improve country’s ranking Ease of doing business index Salman F Rahman, the prime minister's private industry and investment adviser, said the government would bring a number of reforms in the business sector by April 30 this year to improve the country’s…

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting