From science to action: Exploring the potentials of Blue Economy for enhancing economic sustainability in Bangladesh

Abstract

Proper utilization of marine resources towards achieving sustainable economic development has got worldwide attention in recent years. Likewise, the Bangladesh government has also emphasized Blue Growth after settling the permanent maritime boundary with neighboring countries. This study aims to identify the Blue Economy potentials of Bangladesh, evaluate the economic values of these potentials, identify challenges for Blue Growth and finally develop a management framework. To collect data, consultations with different stakeholders related to Blue Growth in Bangladesh were conducted. Secondary data were collected from the review of policy documents, newspaper reports and scholarly articles. Coastal and marine resources i.e. living, non-living and renewable are identified as the main components of Blue Economy in Bangladesh. Moreover, trades and commerce related to the sea and coast, and protection from natural disasters also have economic returns having potential for enhancing Blue Growth. Conversely, sea level rise, climate-driven extreme events, pollution, human interferences and lack of law enforcement are identified as the major challenges for the further development of Blue Economy. To achieve sustainable Blue Growth in Bangladesh, a strategic planning is required which should focus on potential sectors related to Blue Economy, research and ocean governance. The study argues that enhancing Blue Growth and achieving Sustainable Development Goals (SDGs) must go together to ensure that balance does not swing too far towards Blue Growth at the expense of environmental sustainability. Finally, this study submits a management framework for enhancing Blue Growth in Bangladesh.