The blue economy concept has become an exhortation for sustainable development through the utilisation of ocean resources for economic growth, enhanced livelihoods, and employment while conserving the health of the environment. According to the United Nations (UN), the industry is worth between USD 3 and USD 6 trillion globally, with its strong ties to SDG-14 (Life Below Water) serving as a crucial reason for elevating this sector.
With around 710 kilometres of coastline, the blue economy offers numerous opportunities for Bangladesh, particularly in the sectors of fisheries, shipping, tourism, natural resources, and oil and gas. The blue economy has the potential to make a substantial contribution to economic growth and enhance the quality of life for the people residing in Bangladesh’s coastal regions.
Expanding ocean-centric industries will bring a new perspective to our economic prosperity. At the same time, the unplanned proliferation of economic activities will be the cause of marine ecosystem deterioration and biodiversity loss, causing significant harm to low-income coastal residents. Understanding and effectively managing the numerous facets of marine sustainability is crucial to reaping the sea’s bounty.
Md. Shah Jalal
Editor
IDLC Monthly Business Review