Exploring the Potential of the Blue Economy: A Systematic Review of Strategies for Enhancing International Business in Bangladesh in the context of Indo-Pacific Region

Abstract

This systematic review aims to provide a methodical analysis of the Blue Economy in the Indo-Pacific region, particularly from the perspective of Bangladesh, focusing on its growth trajectory, key stakeholders, policy frameworks, technological advancements, trade and investment trends, as well as challenges and opportunities for international business expansion. The methods employed a comprehensive search of electronic databases, and inclusion and exclusion criteria were applied to identify relevant studies for analysis. The results revealed that from 2000 to 2020, the Blue Economy sectors of the country, such as fisheries, aquaculture, maritime transportation, and tourism, saw notable development. International development agencies, corporations, academic institutions, governments, and civil society organizations are some of the major players in Blue Economy projects. The policy frameworks that facilitate the development of the Blue Economy include integrated ocean management, blue growth initiatives, maritime security and governance, and resilience and adaptation to climate change. Innovation and expansion in the Blue Economy sectors have been fueled by technological breakthroughs, such as autonomous underwater vehicles, renewable energy projects, remote sensing technologies, and marine biotechnology. Rising demand for sustainable goods and services, technical advancement, and regional collaboration have all contributed to an increase in trade and investment in Blue Economy industries internationally. The study concludes that there is significant potential for the Blue Economy in the Indo-Pacific region to drive economic growth, promote social progress, and ensure environmental sustainability. However, challenges such as regulatory complexity, access to finance, inadequate infrastructure, and environmental degradation need to be addressed to fully realize this potential. Addressing these challenges requires coordinated efforts from governments, businesses, academia, civil society organizations, and international development agencies, along with a focus on sustainable and inclusive development practices.