Developing blue economy infrastructure must for sustainable growth: Experts

Bangladesh needs to develop its blue economy infrastructure, such as ship transport, renewable energy, including oil, gas, and tidal energy, shipbuilding, shipbreaking, and deep-sea ports, to align sustainable development with economic growth, experts said at a seminar today (3 July).

"Even capturing a 1% share in the global shipbuilding market could generate a market worth $400 billion for Bangladesh," Rear Admiral (retd) Khurshed Alam said during the day-long programme, titled "Ocean Prosperity: Catalysing the Blue Economy in Bangladesh", at the Bangabandhu International Conference Centre in Dhaka.

He said 90% of the world's goods are transported by sea, making maritime transport the backbone of international trade. However, Bangladesh's presence in oceangoing shipbuilding is currently minimal.

"Our port infrastructure requires increased investment. Currently, our ports cannot accommodate deep-sea vessels, particularly large ones. However, the Matarbari seaport, with a depth of 14 metres, can accommodate somewhat larger vessels," he added.

The seminar was jointly organised by the Planning Commission's General Economic Division and the Asian Development Bank on the occasion of World Ocean Day. The speakers highlighted the fact that this development will create significant employment opportunities.

SM Nasif Shams, director at the Institute of Energy of the University of Dhaka, said Myanmar has awarded 20 offshore blocks to 13 international companies under production-sharing contracts, and it has invited international bids for another 30 offshore gas blocks. India has also recently awarded a number of blocks to different international companies.

He mentioned that currently in Bangladesh, there are 22 onshore blocks and 26 offshore blocks, with 11 being shallow blocks and the remaining 15 being deep-sea blocks. The country possesses significant offshore natural gas reserves crucial for meeting the growing energy demand.

"Despite its potential, the development of offshore natural gas resources in Bangladesh faces several challenges. The high costs associated with exploration and production are a major challenge. The complexity of offshore drilling operations necessitates substantial investments in infrastructure and technology," he added.

State Minister for Power, Energy, and Mineral Resources Nasrul Hamid noted that the country's maritime resources offer immense opportunities, ranging from fisheries and agriculture to marine biotechnology and renewable energy.

"We have already initiated bidding for offshore and shallow sea exploration of gas and oil. The deadline for closing these exploration bids is September. This area represents the Energy Division's recent exploration efforts, particularly in the power sector, where we have undertaken several projects," he added.

Mashiur Rahman, economic affairs adviser to the prime minister, emphasised the necessity for Bangladesh to enhance its knowledge across various facets of the blue economy, cultivate skilled human resources, and formulate suitable policies, including maritime special planning, to foster a prosperous and sustainable economy.

"We require regional and international partnerships and support to effectively harness the potential of the blue economy," he added.