With the international oil prices plummeting, deep sea exploration is no more viable for the international oil companies (IOCs). Many foreign firms have cancelled or are cancelling their exploration programmes in Bangladesh. So the government is trying to woo local private sector businesses to invest in oil and gas exploration, especially in deep sea. It is otherwise trying to find some other ways in order to make such exploration lucrative to all concerned. There is a proposal that if someone wants to drill a well by investing some $150 million to $200 million, the government will take some stake in that bid to lower the risks. In consideration of the geological structure of soil in the Bay, there are huge non-living resources inside Bangladesh maritime zone. Co-littoral country Myanmar, to mention, is well ahead of Bangladesh in exploration of non-living resources in the sea. The government is now saying that it is ready to offer contracts to the private sector entrepreneurs at any cost and bring down risks for investors. It believes sustainable development of ocean resources is the key to ensuring that no person and no country were left behind. In fact, no country can claim success in achieving these development goals if any part of society is excluded from it. Yet what is worrying is that the oceans appear to be at risk now, from over-fishing, marine pollution and climate change. Meeting such challenges and sustainably developing marine resources is the key to global economic growth. Bangladesh has already taken steps to overcome the challenges of over-fishing, marine pollution, and global climate change. The development goals reflect how important sustainable development of ocean resources is. The country needs to be further equipped with policy, technological development and capacities to tap the emerging opportunities in the blue economic regime. All agencies concerned should give priority to building substantial marine science and technological capacity. There is a need for expansion of international maritime cooperation and diplomacy to develop an inter-departmental master plan along with a long-term perspective plan. The marine ecological system protection measures are also vital for attracting new local and foreign investment. The price of oil, as has been mentioned, is now experiencing a downward trend on the international market. So, many say oil exploration in a broader way at this time is not viable. Yet Bangladesh is still ready to sign contracts with the IOCs for deep sea exploration. The government is also planning to import gas from Myanmar and set up power plants in Chittagong. As a large user of solar home system, Bangladesh has to its credit a total of 4.0 billion units. The government has established Power and Energy Research Council (PERC) for conducting research and development works aiming to create skilled manpower. The total maritime boundary is about 81 per cent of entire land area which is really big and stressed for skilled workforce to tap the potential of blue economy. The government has instructed universities in Bangladesh to teach Oceanography in order to create skilled manpower and do research works. The country has to pay $6.0 billion per year as freight charge which they can save by investing in shipbuilding industry. According to a study, Bangladesh is lagging far behind countries like the USA in harnessing deep-sea resources. One of every six jobs in the United States is marine-related while one-third of its annual gross domestic product (GDP) originates in the coastal areas. Bangladesh needs to go for long-line fishing, seaweed aquaculture, sea farming and sea ranching. The country has 68,000 wooden boats which fish up to 25 kilometres from the shore and another 250 steel trawlers that go 25 further kilometres. Beyond that it does not have a single fishing boat. So there is still immense scope for its fishing. Reports say India, Myanmar, Sri Lanka and Thailand caught eight million tonnes of fish in the Bay last year whereas Bangladesh netted only 73,000 tonnes. The Bay has offered Bangladesh the opportunity to develop shipping industry, too, which also can contribute greatly to the GDP. The country has the third-largest ship-breaking industry. The authorities told such entrepreneurs not to dismantle any hazardous ships. Meanwhile, Prime Minister Sheikh Hasina has recently expressed her resolve to turn the Bay of Bengal into a hub for sustainable economic development and thus the prosperity of the country and detailed out her plan to sustainably harness the marine resources. She reaffirmed Bangladesh’s commitment to conservation and balanced development of natural resources keeping integrity of environmental and biodiversity aspects while pursuing the must-needed development goal. The blue economy is a sustainable development framework which looks at oceans as ‘Development Spaces’. It provides benefits for current and future generations while ensuring that the integrity and functioning of coastal and ocean systems is maintained. It is based on principles of equity, low carbon development, resource efficiency and social inclusion, and recognises that the oceans have a major role to play in humanity’s future. Development of a blue economy demands new partnerships among stakeholders within and across countries, regions, sub-regions, international agencies and the private sector to facilitate greater flows of expertise, finance, and capacity to effectively close the gap in sustainable management of both fisheries and non-living sea resources. Partnerships and collaboration are needed in both public and private sectors, at national and regional levels, to bring forth a sustainable blue economy in Asia with special recognition of the needs of developing countries, and in line with existing global, regional and local commitments.
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