In recent years, Bangladesh has faced challenges in exploiting its maritime resources following 2013 and 2014 landmark settlements of maritime disputes with Myanmar and India. These settlements expanded Bangladesh’s maritime zones significantly, yet nearly a decade later, tangible progress in developing a coherent work plan for resource exploration remains lacking. Although the international court’s rulings opened new avenues for resource exploitation, policies and actionable strategies have not materialized.
Currently, the government has established a small temporary entity known as the Blue Economy Cell (BEC), which operates under the Energy Division. However, this cell lacks sufficient manpower and resources to drive effective exploration and management of the Bay of Bengal’s oil, gas, and fisheries. Experts emphasize that a multi-client seismic survey is essential for assessing potential resources, but progress has been slow, largely attributed to governmental apathy.
Historically, Bangladesh secured approximately 19,467 square kilometers from the disputed area previously claimed by India in the Bay of Bengal and established its claims for a 200-nautical-mile exclusive economic zone against Myanmar’s claims. A Coordination Committee on Sea Resources Exploration, formed six years ago, was intended to strategize development efforts, yet it has not generated a comprehensive framework. Additionally, the BEC’s limited activities reflect the challenges faced in mobilizing adequate human resources for these projects.
Discussions about establishing a dedicated blue economy authority have recently emerged, aimed at effectively harnessing the substantial untapped marine resources. Experts estimate that a structured approach could potentially unlock up to $40 billion in economic benefits from these resources. The global ocean economy is valued around $24 trillion, but currently, only about $3 trillion is being utilized efficiently. The marine economy is vital in aligning with sustainable development goals, particularly SDG 14, which focuses on conserving and sustainably using marine resources.
The establishment of a blue economy authority is seen as essential for overcoming operational barriers and optimizing resource management. A dedicated agency would help formulate a structured framework for marine activity, benefitting various sectors such as fisheries, energy, tourism, and pharmaceuticals. Bangladesh’s maritime area represents around 81% of its land territory, yet fishing operations are severely limited, with local vessels unable to reach deep waters where valuable fish species thrive.
Moreover, cooperation with international bodies like the United Nations Conference on Trade and Development (UNCTAD), especially through its Ocean Economy and Trade Strategy (OETS), could provide Bangladesh with crucial financial and technical support to realize the economic potential of its maritime prosperity. Several countries are already part of this initiative, and Bangladesh’s participation could dramatically enhance its capacity to develop sustainable marine resource frameworks.
In conclusion, despite the promising legal advancements in securing maritime rights, Bangladesh must prioritize the establishment of a capable institutional framework to explore and exploit its blue economy. This strategic move is not only vital for economic growth but also for ensuring the sustainable management of marine ecosystems.
