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BIISS JOURNAL, VOL. 39, NO. 2, APRIL 2018: 135-162
Moutusi Islam
Lam-ya Mostaque
Blue economy and Bangladesh: lessons and Policy
imPlications
Abstract
In recent times, Blue Economy is emerging as an alternative development
paradigm that balances economic use of oceans with environmental
sustainability. With the depletion of land-based resources, countries around the
world are turning their attention to the oceans as a new source of economic
development and growth. Following the settlement of its maritime territory,
Bangladesh is also working on utilizing oceanic resources with a view to
becoming a developed country. In this backdrop, the paper is an attempt
to examine the initiatives taken by dierent countries around the world to
develop Blue Economy and identify important lessons that Bangladesh can
learn from those experiences. The lessons include formulating a well-articulated
Blue Economy plan, developing robust legal and institutional frameworks,
emphasizing indigenous capacity development, prioritizing ocean research and
innovation, protecting ocean environment as well as pursuing ‘Blue Diplomacy’
among others.
Keywords: Blue Economy, Ocean Economy, Ocean-based Development, Marine
Resources, Environmental Sustainability
1. Introduction
In the 21st century, the increased global population and the fast dwindling
of earth’s land-based resources have renewed interest in ocean’s economic potential.
However, with the growing need and increased capacity to industrialize the oceans,
there is a concern that oceanic resources will soon deplete if not handled properly.
Thus, a need to reinterpret how oceans can be measured, monitored and managed
more eectively has emerged. Against this reality, the concept of Blue Economy was
introduced to respond to the new economic demands, ecological needs and the
dynamics of global climate change.1 Contrary to previous practices which focused
on resource extraction and nancial benets, Blue Economy tries to strike a balance
Moutusi Islam is Research Ocer at Bangladesh Institute of International and Strategic Studies (BIISS). Her
e-mail address is: moutusi.ir63@gmail.com; Lam-ya Mostaque is Research Ocer at Bangladesh Institute of
International and Strategic Studies (BIISS). Her e-mail address is: lamya.mostaque@gmail.com
© Bangladesh Institute of International and Strategic Studies (BIISS), 2018.
1 Mark J. Spalding, “The New Blue Economy: the Future of Sustainability”, Journal of Ocean and Coastal
Economics, Vol. 2, Issue 2, February 2016, pp. 1-21.
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BIISS JOURNAL, VOL. 39, NO. 2, APRIL 2018
between ocean-based development and environmental protection. As Gunter Pauli
suggests, the aim of Blue Economy is to ensure that “ecosystems can maintain their
evolutionary path so that all can benet from nature’s endless ow of creativity,
adaptation and abundance.”2
Since its introduction after the United Nations (UN) Conference on Sustainable
Development or Rio+20 in 2012, Blue Economy is rapidly emerging as development
paradigm that provides solution to the limits of growth.3 Blue Economy is a broad
concept that encompasses wide variety of issues relating to ocean and coastal
economy. Study of numerous documents shows that there are over 25 sectors that
have been listed under the Blue Economy. Scholars from a variety of background
including natural science, economy, law, engineering and international relations,
etc., have dwelled on the issue, resulting signicant variation in how the concept is
perceived. However, at its core, Blue Economy is based on principles of equity, well-
being, low carbon development, resources eciency and social inclusion.
Countries all over the world are increasingly recognizing the importance of
the Blue Economy. Some of the world’s fastest growing economies such as China,
India, Australia and South Africa are already actively pursuing Blue Economy, while
supra-national authorities like European Union (EU) also has their own Blue Economy
strategy. It is not only the major actors; small countries are embracing the concept
wholeheartedly as well. The Small Island Developing States (SIDS) have been
pioneering number of innovative Blue Economy initiatives. Besides, global governing
bodies, e.g., the World Bank and the UN are promoting Blue Economy through
nancial and policy support.
Following the settlement of its maritime dispute with neighbouring India
and Myanmar, Bangladesh has now got 118,813 km2 of territorial sea, 200 nautical
mile of Exclusive Economic Zone (EEZ) and a substantial share of the extended
continental shelf.4 Thus, Bangladesh has maritime zone almost the size of the country
itself which has created huge opportunities for ocean-based economic growth and
development. The Government of Bangladesh (GoB) has stated its interest to pursue
the Blue Economy concept as part of country’s growth strategy. Prime Minister Sheikh
Hasina has remarked, “Blue Economy is a concept which can signicantly contribute
in the socio-economic development of Bangladesh. The role of marine resources in
poverty alleviation, acquiring autarky in food production, protecting environmental
balance, facing adverse impacts of climate change and other economic activities is
2 Gunter A. Pauli, The Blue Economy 10 Years, 100 Innovations, 100 Million Jobs, New Mexico: Paradigm
Publications, 2010, p. xxix.
3 Vishva Nath Attri and Narnia Bohler-Muller (eds.), The Blue Economy Handbook of the Indian Ocean Region,
Pretoria: Africa Institute of South Africa, 2018, p. 1.
4 Md Shahidul Hasan, “Maritime Verdicts and Resource Exploration for Bangladesh”, BIISS Journal, Vol. 35,
No. 3, July 2014, p. 227.
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BLUE ECONOMY AND BANGLADESH
unlimited.”5 Experts believe that if Bangladesh utilizes her marine resources actively,
it is quite possible for her to be a middle-income country within short time.6 With
a view to achieving Blue Economy objectives, the GoB is hosting and joining high
level international dialogues. In fact, Bangladesh has been very proactive among
the Bay of Bengal littorals to develop Blue Economy. As Vijay Sakhuja observes,
“Bangladesh merits a leadership role for the development of Blue Economy in the Bay
of Bengal.”7 However, Bangladesh is still in the early stages of embracing the concept
and confronts a number of technological and nancial constraints to realize the Blue
Economy aspirations. So, for Bangladesh, there is scope of learning from the practices
of other countries in developing its Blue Economy.
Against this backdrop, the paper seeks to understand, what are the major Blue
Economy initiatives around the world and what lessons can be learnt by Bangladesh
from those experiences? In order to answer the questions, the paper reviews existing
literatures on Blue Economy that include books, journal articles, government and
non-government policy papers and documents, newspaper and internet-based
articles, etc. Data and information used in the paper are based on secondary sources.
In addition, data and ideas have been collected through expert interviews.
The paper is divided into six sections including the introduction. The second
section provides a conceptual understanding of Blue Economy and its components.
The third section examines the state of Blue Economy in Bangladesh. The fourth
section evaluates major Blue Economy initiatives taken by dierent countries using
an analytical framework. The fth section provides suggestions for Bangladesh based
on the Blue Economy experiences of other countries. The last section concludes the
paper with remarks.
2. Blue Economy: Conceptual Understanding
Although the Blue Economy has entered the arena of regular international
debate and discourse for the past several years, no commonly accepted denition has
emerged so far.8 Diversity of views is noteworthy. Therefore, Blue Economy term can be
understood as buzzwords.9 In literature, Blue Economy has been used synonymously
to ‘marine economy’, ‘coastal economy’, ‘ocean economy’, ‘green economy’ and so
5 Sheikh Hasina, Prime Minister’s address at the International Workshop on Blue Economy in Dhaka,
Bangladesh, 31 August 2014.
6 Md. Monjur Hasan, B. M. Sajjad Hossain, Md. Jobaer Alam, K. M. Azam Chowdhury, Ahmad Al Karim,
Nuruddin Md. Khaled Chowdhury, “The Prospects of Blue Economy to Promote Bangladesh into a Middle-
Income Country”, Open Journal of Marine Science, Vol. 8, 2018, p. 355-369.
7 Vijay Sakhuja, “Harnessing the Blue Economy”, Indian Foreign Aairs Journal, Vol. 10, No. 1, 2015.
8 Federation of Indian Chambers of Commerce and Industry (FICCI), Blue Economy Vision 2025: Harnessing
Business Potential for India Inc and International Partners, New Delhi: Federation House, April 2017.
9 Young Rae Choi, “The Blue Economy as Governmentality and the Making of New Spatial Rationalities”,
Dialogues in Human Geography, Vol. 7, No. 1, 2017, pp. 37-41.
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BIISS JOURNAL, VOL. 39, NO. 2, APRIL 2018
on. While the basic tenets and goals of these competing paradigms nearly similar,
there are basic dierences in the approaches and treatment of various elements, e.g.,
resource management, growth objectives, sustainability and social equality.10
The concept of Blue Economy has emerged in response to the 2012 UN
Conference on Sustainable Development or Rio+20. The concept has its roots in the
earlier 1992 Rio Earth Summit, which focused on fostering the growth of a ‘green
economy’ — “an economy that results in improved human well-being and social
equity, while signicantly reducing environmental risks and ecological scarcities.”11
In response to an international push to ‘green’ the global economy, SIDS began
emphasizing the importance of the ocean and marine economy, promoting the
concept of a Blue Economy.12 The term “Blue Economy” itself was rst introduced in
1994 by Professor Gunter Pauli.13 The introduction of Blue Economy was part of the
global transition from traditional economic path to human-centric development,
which focused harmony with nature and sustainability.
At the heart of the concept, there is a separation of socio-economic
development from environmental degradation.14 In this regard, eciency
and optimization of natural marine resources within ecological limits become
paramount.15 Therefore, Blue Economy can maximize the economic value of the
marine environment in a sustainable manner that preserves and protects the sea’s
resources and ecosystems.16 The Economist, in a report titled ‘The Blue Economy:
Growth, Opportunity and a Sustainable Ocean Economy’, provides a working
denition as follows: “A sustainable ocean economy emerges when economic activity
is in balance with the long term capacity of ocean ecosystems to support this activity
and remain resilient and healthy.”17 The Government of Australia in its report titled
‘Marine Nation 2025: Marine Science to Support Australia’s Blue Economy’ denes that
“a Blue Economy is one in which our ocean ecosystems bring economic and social
benets that are ecient, equitable and sustainable”.18 Research and Information
10 S.K. Mohanty, Priyadarshi Dash, Aastha Gupta and Pankhuri Gaur, Prospects of Blue Economy in the Indian
Ocean, New Delhi: Research and Information System for Developing Countries, 2015, p. 5.
11 United Nations Environment Programme (UNEP), Towards a Green Economy: Pathways to Sustainable
Development and Poverty Eradication, Nairobi: UNEP, 2011.
12 Jennifer J. Silver, Noella Gray, Lisa Campbell, Luke Fairbanks and Rebecca Gruby, “Blue Economy and
Competing Discourses in International Oceans Governance”, The Journal of Environment & Development,
Vol. 24, No. 2, 2015, pp. 135-160.
13 Gunter A. Pauli, op. cit.
14 Simon Smith-Godfrey, “Dening the Blue Economy”, Maritime Aairs, Vol. 12, No. 1, 2016, p. 2.
15 United Nations Conference on Trade and Development (UNCTAD), The Oceans Economy: Opportunities
and Challenges for Small Island Developing States, New York and Geneva: United Nations, 2014, p. 2.
16 The Commonwealth Secretariat, The Blue Economy and Small States, London: The Commonwealth
Secretariat, 2016.
17 “The Blue Economy: Growth, opportunity and a sustainable ocean economy”, The Economist Intelligence
Unit, 2015.
18 Oceans Policy Science Advisory Group (OPSAG), Marine Nation 2025: Marine Science to Support Australia’s
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BLUE ECONOMY AND BANGLADESH
System for Developing Countries (RIS), a well-known think tank, denes the term as
follows:
As a sub-set of the economy, Blue Economy covers all ocean-related activities
including direct and indirect supporting activities required for functioning of
these economic sectors, while adjusting to the costs of environmental damage
and ecological imbalance caused due to exploitation of ocean resources
for consumption. Therefore, the scope of Blue Economy is much wider and
inclusive.19
One of the earliest attempts to explore the competing discourses around
the Blue Economy was conducted by Jennifer J. Silver et al.20 A more recent study
by Michelle Voyer et al. has made a cluster analysis of key components of the Blue
Economy and identied four dominant discourses through which the Blue Economy
is interpreted.21 This study is built upon by earlier analysis conducted by Silver et al.
The discourses are: oceans as natural capital, oceans as livelihoods, oceans as good
business and oceans as driver of innovations (see Table 1).
Table 1: Conceptual Analysis of Blue Economy
Oceans as
Natural Capital
Oceans as
Livelihoods
Oceans as Good
Business
Oceans as a Driver of
Innovation
Primary
Objec-
tives
Ecosystem
protection and
restoration
Poverty al-
leviation and
food security
Economic growth
and employment
Technological or
technical advances
Actors Conservation
agencies/ NGOs
Development
agencies, SIDS
Industry, larger
global economies
(EU, OECD, China,
etc.)
Academic institutes
and governments
Sectors Carbon inten-
sive industries
(e.g., oil and
gas). Focus
on economic
benets from
conservation
(e.g., tourism,
blue carbon,
etc.)
Primarily focus
on Small-Scale
Fisheries
(SSF), eco-
tourism with
aspirations
for diversica-
tion, especially
aquaculture
All sectors included
but primarily
focusing on large
multi-national
corporations and
sectors (e.g., ship-
ping, oil and gas,
renewable, etc.)
All sectors but
particularly emerg-
ing industries like
renewables, biotech-
nology and deep-sea
mining
Blue Economy, Canberra: Government of Australia, 2013.
19 S.K. Mohanty, Priyadarshi Dash, Aastha Gupta and Pankhuri Gaur, op. cit, p. 9.
20 Jennifer J. Silver et al., op. cit.
21 Michelle Voyer, Genevieve Quirk, Alistair McIlgorm, Kamal Azmi, Stuart Kaye and Michael McArthur, The
Blue Economy in Australia, Canberra, Australia: Sea Power Centre, 2017.
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BIISS JOURNAL, VOL. 39, NO. 2, APRIL 2018
Scale Small-scale, lo-
cally based
Small-scale,
locally based
Global/ regional
and national
Sub-national districts
or provinces
Tools Marine Protect-
ed Areas (MPA),
ecosystem-
based manage-
ment
Community
manages sh-
eries, Marine
Spatial Plan-
ning (MSP)
MSP, economic
valuation studies,
targeted invest-
ment and growth
strategies
Innovation hubs/
research institutes, in-
novation or competi-
tions, investment/
nancing strategies
Source: Michelle Voyer et al., The Blue Economy in Australia, Canberra, Australia: Sea Power Centre, 2017, p. 20.
The notion of the Blue Economy as a development model central to
the livelihoods of coastal communities is favoured by developing countries and
development organizations. It places human well-being and livelihood as a central
objective of the Blue Economy, with heavy emphasis on the goal of poverty alleviation.
The UN has recognized the potential of the Blue Economy as a development model
which it denes as follows: “Blue Economy is a marine-based economic development
that leads to improved human well-being and social equity, while signicantly reducing
environmental risks and ecological scarcities. At its core, the ocean economy refers to
the decoupling of socio-economic development from environmental degradation.”22
The Blue Economy in this context provides developing countries (particularly SIDS)
with a framework through which they can diversify their economic base into alternative
and emerging sectors and increase their resilience to external shocks. Therefore, SIDS
in the Indian and Pacic oceans and the Caribbean have been at the forefront of this
interpretation of the Blue Economy.23 On the contrary, among conservation NGOs, Blue
Economy has provided a useful conceptual framework through which economic and
development objectives can be tied to environmental considerations. The World Wide
Fund for Nature (WWF), denes Blue Economy as follows:
Blue Economy is a marine based economy that provides social and economic
benets for current and future generations, by contributing to food security,
poverty eradication, livelihoods, income, employment, health, safety, equity, and
political stability. It restores, protects and maintains the diversity, productivity,
resilience, core functions, and intrinsic value of marine ecosystems — the natural
capital upon which its prosperity depends. It is based on clean technologies,
renewable energy and circular material ows to secure economic and social
stability over time, while keeping within the limits of one planet.24
Larger economies, organizations (i.e., EU, OECD), industry and business
groups favour a growth-centric interpretation of the Blue Economy. The primary focus
22 United Nations Conference on Trade and Development (UNCTAD), op. cit., p. 2.
23 Meg R. Keen, Anne-Maree Schwarz and Lysa Wini-Simeon, “ Towards Dening the Blue Economy: Practical
Lessons from Pacic Ocean Governance”, Marine Policy, Volume 88, 2018, p. 333-341.
24 World Wide Fund for Nature, Principles for a Sustainable Blue Economy, Gland: World Wide Fund for Nature,
2015.
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BLUE ECONOMY AND BANGLADESH
of this interpretation appears to be securing economic growth from the oceans in a
manner that is sensitive to environmental constraints. A key tool employed within this
lens is economic valuation in order to identify the worth of ocean-based industries
to national, regional and global economies. On the other hand, innovation is central
to many interpretations of the Blue Economy. This lens focuses on research and
development, investment and monitoring which is largely favoured by government
and industry groups.
The Government of Bangladesh denes the Blue Economy concept as a
sustainable pathway forward for growth of the ocean economy.25 According to the
Seventh Five Year Plan, “Blue Economy comprises activities that directly or indirectly
take place in the seas, oceans and coasts using oceanic resources and eventually
contributing to sustainable, inclusive economic growth, employment, well-being,
while preserving the health of ocean.”26 Bangladesh’s approach to Blue Economy
also states that Blue Economy “requires a balanced approach between conservation,
development and utilization of marine and coastal ecosystems, all oceanic resources
and services.”27
Table 2: Components of Blue Economy
Harvesting Living
Resources
Extraction of Non-
living Resources
Other Economic Activi-
ties
Protection of the
Sea
Fisheries Mineral, gravels and
sand
Maritime transportation Marine surveillance
Aquaculture and
Non-traditional
species
Oil and gas Ports and related
services
Protection of
marine and coastal
environment
Marine biotechnol-
ogy
Desalination (fresh-
water generation)
Shipbuilding and ship
breaking industry
Waste management
Bio-prospecting Renewable marine
(oshore) energy
Coastal and maritime
tourism
Blue carbon
Seafood processing Sea-salt generation Marine services Ecological/ecosys-
tem reserve
Source: Compiled from various sources.
25 P.G. Patil, J. Virdin, C.S. Colgan, M.G. Hussain, P. Failler, and T. Vegh, Toward a Blue Economy: A Pathway for
Bangladesh’s Sustainable Growth, Washington, D.C.: The World Bank Group, 2018.
26 General Economics Division (GED), Seventh Five Year Plan (FY2016 – 2020): Accelerating Growth, Empowering
Citizens, Dhaka, Bangladesh: Planning Commission, Government of the People’s Republic of Bangladesh,
2015.
27 P.G. Patil et al., op. cit., p. 27.
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BIISS JOURNAL, VOL. 39, NO. 2, APRIL 2018
The Blue Economy is a vast topic that covers a wide range of industries and
activities. A review of the existing literature shows that the components of the Blue
Economy are very diverse in nature, ranging from the sheries and aquaculture to oil
and gas mining and other sea related economic activities such as transportation and
Tourism. In addition to those, initiatives to protect of the ocean health have also been
included as components of Blue Economy. The next section provides a brief discussion
on various components of Blue Economy and current state of Bangladesh’s initiatives
regarding those. To make the discussion easier, the components of Blue Economy has
been categorized into four major groups based on the nature of the activity. These
groups are: Harvesting Living Resources, Extraction of Non-living Resources, Other
Economic Activities and Protection of the Sea. Components included in each group
are mentioned in Table 2.
3. Blue Economy of Bangladesh
The newly demarcated area of the Bay of Bengal has opened a new economic
frontier for Bangladesh. In order to utilize its unexplored marine resources, Bangladesh is
already taking initiatives to ourish its Blue Economy. Since 2015, the GoB has undertaken
a number of consultations and workshops on Blue Economy. Besides, Bangladesh’s
Seventh Five Year Plan has called for twelve actions to be undertaken for maintaining a
prosperous and sustainable Blue Economy, which include sheries, renewable energy,
human resources, transshipment, tourism and climate change among others.28 In 2017,
the GoB has established the “Blue Economy Cell’ with the mandate to coordinate Blue
Economy initiatives across sectoral ministries. According to a World Bank report, the gross
value added to Bangladesh in 2014-15 from ocean economy was US$ 6,192.98 million
which was around 3.33 per cent of the Bangladesh economy.29 However, Blue Economy
has the prospect of contributing to Bangladesh’s economy on a much higher level. The
Ministry of Foreign Aairs (MoFA) has identied 26 potential Blue Economy sectors.30 This
paper focuses on components of Bangladesh’s Blue Economy like living and non-living
resources, economic activities and protection of the sea as mentioned in Table 2.
3.1 Harvesting Living Resources
Fisheries is one of the major sources of income for Bangladesh. Nonetheless,
only 15.41 per cent of the total sheries come from marine sources.31 Furthermore,
Bangladesh’s marine shing is still heavily artisan based, vast majority of its marine
28 General Economics Division (GED), op. cit.
29 P.G. Patil et al., op. cit., p. 36.
30 “Blue Economy National Co-ordination Workshop”, Ministry of Foreign Aairs (MoFA), Bangladesh,
Ocial Website, 2018, available at https://mofa.gov.bd/site/press_release/bb5cd232-1529-46db-aa8c-
d0c8bc4c0e47, accessed on 10 January 2018.
31 Department of Fisheries Bangladesh, Yearbook of Fisheries Statistics of Bangladesh 2016-17, Dhaka:
Ministry of Fisheries and Livestock, 2017, p. Xiii.
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BLUE ECONOMY AND BANGLADESH
catch comes from artisanal sheries (out of 6.37 lakh Metric Ton (MT) of marine
shery production in 2016-17, 5.29 lakh MT came from artisan sheries).32 Compared
to inland and freshwater aquaculture, the amount of marine aquaculture is also
small and mostly based on tiger shrimp.33 Thus, Bangladesh can increase its shery
production by industrializing its marine sheries and exploring large pelagic sh
harvesting,long line shing of tuna and tuna like shes.34 Shellsh, seaweed and algae
are known to be great sources of protein, iodine and other vital minerals and there is
a huge demand for them in international market. The GoB is taking initiatives in this
regard. In 2016, it procured a modern survey vessel named Meen Sandhani,35 which
aims to do a stocktaking of available shing sources in the Bay of Bengal.
Marine biotechnology is a fast-growing eld with the potential discovery
of new chemical products, enzymes and other ingredients which is expected to
bring great advancement in pharmaceutical, biomaterials health care and makeup
industries.36 As Bangladesh has a blooming pharmaceutical industry, investments in
these areas are sure to bring benet to the country.
3.2 Extraction of Non-living Resources
Seabed mining and acquisition of minerals are highly valuable for economic
purposes. But currently, the data available for seabed minerals in Bangladesh are
outdated.37 In terms of sand and gravel, the coastal belt from Patenga to Teknaf has
been explored with the discovery of 17 deposits of potentially valuable minerals.38
These valuable minerals can contribute to various industries e.g., glass, paper, etc.
Bangladesh’s oshore energy exploration is still far away from reaching its optimal
level. According to the MoFA website, 19 exploratory wells were drilled in the Bay of
Bengal up until 2014 and it resulted in two gas discoveries, i.e., the Sangu and the
Kutubdia.39 Bangladesh is said to have great potential for ocean-based technology
such as wind, tidal and wave energy, but no feasibility study has been conducted on
the area so far.
32 Ibid., p. 14.
33 M. Gulam Hussain, Pierre Failler, A. Al Karim and M. Khurshed Alam, “Review on Opportunities, Constraints
and Challenges of Blue Economy Development in Bangladesh”, Journal of Fisheries and Life Sciences, Vol. 2,
No. 1, 2017, p. 38.
34 M. Gulam Hussain, Pierre Failler, A. Al Karim and M. Khurshed Alam, “Major Opportunities of Blue Economy
Development in Bangladesh”, Journal of the Indian Ocean Region, Vol. 14, No. 1, 2018, pp. 93-94.
35 Anwar Hussain, “Bay sh survey from November”, Dhaka Tribune, 07 August 2016.
36 Narsinh L Thakur and Archana N Thakur, “Marine Biotechnology: An Overview”, Indian Journal of
Biotechnology, Vol. 5, 2006, p. 264.
37 The last report on this issue was published in 1994 by Bangladesh Atomic Energy Commission (BAEC).
38 M. Khurshed Alam, Bangladesh’s Maritime Challenges in the 21st century, Dhaka: Pathak Shamabesh Book,
2004, p. 173.
39 “Ocean/Blue Economy for Bangladesh”, Ministry of Foreign Aairs, Bangladesh, Ocial Website, 2018,
available at https://mofa.gov.bd/, accessed on 10 January 2018.
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BIISS JOURNAL, VOL. 39, NO. 2, APRIL 2018
Sea salt generation using traditional methods has been around in Bangladesh
for a long time. The government patronized this industry by discouraging import of
salt through the National Salt Policy in 2011.40 However, Bangladesh’s salt production
predominantly comes from small scale farmers who do not use modern equipment,
thus are more vulnerable to unpredictable interruptions like natural disaster.
In many countries of the world, seawater is appropriately desalinated in order
to produce fresh water. A recent report says that the global water desalination market
is in the path of reaching US$26.81 billion by 2025.41 Bangladesh is heavily dependent
on underground water for agriculture (which is quickly reducing in stock). Hence,
exploring new avenues of freshwater generation is necessary. Additionally, possibility
of exporting water to drier countries in near future cannot be ignored as extreme
impacts of climate change loom over the world.
3.3 Other Economic Activities
More than 90 per cent of Bangladesh’s external freight trade is seaborne,42 but
Bangladesh scores only 12.07 out of a possible 100 in The United Nations Conference
on Trade and Development (UNCTAD) Liner shipping connectivity index.43 Eighty
per cent of the US$ 78 billion annual overseas trade of Bangladesh is handled by
Chattogram Sea port alone.44 To reduce the burden, the GoB has already invested
in several seaport facilities, i.e., Sonadia, Matarbari (which has been reported to
be converted into a deep sea port)45 and Payra.46 In addition to upgrading the
infrastructure, improving the quality of port services is important. Most of Bangladesh’s
seaborne cargo is carried by foreign cargo ships.47 Moreover, the size of the national
eet has gone down to 13.8 per cent in 2016.48 Thus, Bangladesh can benet greatly if
local shipping companies are promoted.
40 Mohammad Ali Zinnat, “Good days for salt farmers”, The Daily Star, 03 February 2016.
41 “Water Desalination Market Size Worth USD 26.81 Billion By 2025”, Hexa Research, 10 August 2017,
available at https://www.hexaresearch.com/press-release/global-water-desalination-market, accessed on
17 January 2018.
42 M. Khurshed Alam, “Blue Economy”, ICE Business Times, 01 November 2015, available at http://ibtbd.net/
blue-economy/, accessed on 22 January 2018.
43 UNCTAD Stat, “Liner Shipping Connectivity Index, Annual”, available at http://unctadstat.unctad.org/, ac-
cessed on 28 October 2018.
44 Sohel Parvez, “15pc VAT on all port services to hurt businesses, consumers”, The Daily Star, 09 January
2018.
45 Dwaipayan Barua, “Matarbari port to be turned into a deep-sea port”, The Daily Star, 07 January, 2018.
46 “Infrastructure spending stimulates growth”, The Daily Star, 28 December 2018.
47 M. Gulam Hussain, Pierre Failler, A. Al Karim and M. Khurshed Alam, 2017, op. cit.
48 “Maritime Prole: Bangladesh”, UNCTAD, available at http://unctadstat.unctad.org/, accessed on 22
January 2018.
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BLUE ECONOMY AND BANGLADESH
Bangladesh’s record in the shipbuilding industry is quite impressive. It is
currently able to fulll 100 per cent of its inland water vessels.49 However, in the global
industry, Bangladesh contributes to less than 0.01 per cent.50 On the other hand, the
ship breaking industry of Bangladesh is known worldwide. Bangladesh, India and
Pakistan represent about 70 per cent of the global ship breaking industry.51 However,
the industry is globally criticized for exploitation of cheap labour and environmental
violations. Given that the industry plays a great role in Bangladesh’s economy,
measures are to be taken to ensure that the ship recycling process is done in an
environment-friendly way.
Bangladesh’s coastal and marine tourism is meager and mainly dependent on
local tourists. But Bangladesh is home to the largest continued coastline in the world,
which has great tourism potential. However, it should be kept in mind that unplanned
tourism can often lead to destruction of precious natural resources. Saint Martin’s,
Bangladesh’s only coral island is already being burdened by heavy tourist activity.52
Ensuring planned tourism thus is the key. The inauguration of US-basedinternational
luxury cruise line ‘Silversea’ in Bangladesh has signalled the beginning of a new era of
sea tourism in the country.53
3.4 Protection of Sea
The environmental protection of the sea is a crucial part of the Blue Economy
concept. The Bay of Bengal is home to a vibrant and diverse fauna and ora. To protect
the health of the sea, it is important to have a good marine waste management
system. Bangladesh has undertaken a successful coastal green belt back in the
1990s.54 Recently, the government has initiated programme for greening the new
islands in the Bay of Bengal,55 which is a positive initiative. In addition, Bangladesh
needs to think about marine waste management to protect its sea. On the other hand,
ensuring the security of the Bay is crucial for expansion of ocean-based industries.
Therefore, Bangladesh needs to strengthen its maritime surveillance.
Blue carbon is another name for carbon sequestration, which refers to the
long-term storage of carbon in plants, soils, geologic formation and the ocean.56 In
49 “Ocean/Blue Economy for Bangladesh”, op. cit.
50 “Maritime Prole: Bangladesh”, op. cit.
51 Abdullah Bari and M. Raqul Islam, “Our Oceans and Blue Economy: Opportunities and Challenges”,
Procedia Engineering, Vol. 194, 2017, p. 9.
52 Aparup Chowdhury, “Rethinking Sustainable Coastal and Marine Tourism Development”, paper
presented in the PATA Way New Tourism Frontiers Forum, organized by Bangladesh Tourism Board, Cox’s
Bazar, Bangladesh on 23-25 November 2016.
53 Tarek Mahmud, “New prospects in Bangladesh Blue Economy”, Dhaka Tribune, 12 March 2017.
54 Banglapedia, “Coastal Greenbelt”, available at http://en.banglapedia.org/, accessed on 22 January 2018.
55 “New coastal islands to get green”, The Daily Star, 11 January 2018.
56 “What is Blue Carbon?”, National Ocean Service, available at https://oceanservice.noaa.gov/facts/bluecar-
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Bangladesh, Chowdhury et al. estimate that around 3 million tons of CO2 is stored in
the mangroves and salt marshes per year, but there is lack of data on seagrass beds,
river-estuary and coastal water.57 Even though blue carbon has not been integrated
into policy discussions for climate mitigation,58 having a measure of blue carbon may
help Bangladesh in future climate negotiations.
Just as the components of the Blue Economy are diverse, so is the number
of the actors involved in the process. Each of the industries and activity in the Blue
Economy framework has their own set of actors involved with them, including their
own line ministries, private sector investors and businessmen, and non-governmental
organizations working on that specic area. In many industries, there is also
involvement of small businesses and root level workers, especially in sheries, sea-salt
generation and ship breaking. On the other hand, issues such as marine surveillance
and environmental protection have to be handled by the government as a whole.
In addition, because of the necessity of international cooperation in development of
the Blue Economy, many regional organizations and other cooperating states are also
important actors of Blue Economy.
Each of the group of components has their own set of challenges. While
harvesting the living resources, the concern is balancing between economic gain and
ecological sustainability. There is also need to explore ways to benet from the existing
bio-diversity in the Bay of Bengal. In the extraction of the non-living resources, there
is need to nd ways to attract private investment and develop eective regulatory
framework that allows Bangladesh to eciently use its resources. In case of other sea
related economic activities, the challenge is to build large scale infrastructure necessary
for port and transportation services. On the other hand, in protecting the sea the
challenge lies in developing an eective monitoring and evaluation system that will
be able to eectively measure the ocean health. Having a strong marine surveillance
system is also included in this category, which is a requirement for all other Blue Economy
activities to go unhindered. In the following section, examples from other countries are
discussed in order to see how they are working on ourishing Blue Economy.
4. Blue Economy around the World
Given the economic potential of oceans and seas, a number of countries
are investing enormous nancial, technological and human capital to develop Blue
bon.html, accessed on 28 October 2018.
57 Sayedur Rahman Chowdhury, M. Shahadat Hossain, S.M. Sharifuzzaman, Subrata Sarker, Blue Carbon in
the Coastal Ecosystems of Bangladesh, Dhaka: IUCN Bangladesh Country Oce, 2015.
58 Iris Monnereau, “Opportunities and Challenges of Developing the Blue Economy in Small Island
Developing States in Africa”, Centre for Resource Management and Environmental Studies, available at http://
www.climdev-africa.org/sites/default/les/ccda4documents/2.4%20Iris%20Monnerreau.pdf, accessed on
22 January 2018.
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Economy. This section discusses various Blue Economy policies and initiatives pursued
by major powers as well as in countries where Blue Economy activities are prominent.
In addition, it analyzes the country-specic Blue Economy initiatives based on the four
dominant discourses (oceans as natural capital, oceans as livelihoods, oceans as good
business and oceans as driver of innovations) developed by Michelle Voyer et al.
4.1 Australia
Australia is one of those countries that consider the importance of Blue
Economy for addressing the major development gaps.59 It has the third largest marine
jurisdiction of 13.86 million square km which is larger than its land territory.60 Its Blue
Economy is dominated by two sectors, namely oshore oil and gas (50 per cent) and
tourism (40 per cent).61 However, Blue Economy covering aquaculture, wild sheries,
marine biotechnology and other also contributes signicantly to the economy. The
report of the Australian Institute of Marine Science (AIMS) shows that in 2013-14,
Australia’s marine industries contributed US$ 74.2 billion to the national economy
which accounted for 4.8 per cent of national Gross Domestic Product and directly
and indirectly provided almost 400,000 jobs.62 In total, Australia’s marine industries
contributed US$ 42.0billion to value-add in 2013-14, with a further indirect US$ 32.2
billion of value added in other industries.63 By 2025, Australia’s marine industries are
forecast to contribute about US$ 100 billion each year to Australia’s economy.64
The intentions and policy priorities of the Australian Government with
respect to Blue Economy are lucid and visionary. As earlier mentioned, it has stated,
“a Blue Economy is one in which our ocean ecosystems bring economic and social
benets that are ecient, equitable and sustainable”.65 The Government of Australia
has implemented several Blue Economy initiatives, e.g., promoting scientic,
technological and other innovations and establishing necessary mechanisms for
regional cooperation among the neighbouring countries. ‘The National Framework
for Marine Research and Innovation’ highlights the critical areas of marine science that
oer opportunities for experimentation and investments. The Framework envisages
schemes for improving the quality of marine science research; creations of marine
59 S.K. Mohanty, Priyadarshi Dash, Aastha Gupta and Pankhuri Gaur, op. cit., p. 66.
60 Karen Evans, Nic Bax and David Smith, Australia State of the Environment Report 2016, Canberra:
Government of Australia, 2016.
61 S.K. Mohanty, Priyadarshi Dash, Aastha Gupta and Pankhuri Gaur, op. cit, p. 67.
62 Australian Institute of Marine Science (AIMS), The AIMS Index of Marine Industry, Townsville: Government
of Australia, 2016, p. 17.
63 Ibid.
64 “Australia’s Blue Economy: $100 billion in 2025”, Australian Fisheries Management Authority, 18 August
2015, available at http://www.afma.gov.au/australias-blue-economy-100-billion-2025/, accessed on 23 July
2018.
65 Commonwealth Scientic and Industrial Research Organisation (CSIRO), Innovation for the Blue Economy:
Workshop Summary, Canberra: CSIRO, 2015, p. iii.
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infrastructure in terms of observe technologies, observe vessels, etc.; reorganization
of existing institutions for marine research for better coordination and eective
execution.66 In order to build a strong Blue Economy, the ‘National Marine Science
Plan 2015-2025’ identies a number of policy initiatives for future investments which
include (1) National Blue Economy Innovation Fund, (2) National Marine Research
Infrastructure, (3) National Marine Baselines and Monitoring Program, (4) National
Integrated Marine Experimental Facility, (5) National Ocean Modelling Program and
(6) Marine Science Capability Development Fund.67
In the Australian context, the ‘oceans as a driver of innovation’ lens is the
primary lens used to interpret the Blue Economy and to a lesser extent, the ‘oceans
as good business’ lens.68 The ‘oceans as a driver of innovation’ lens in Australia is
substantiated through policy documents like the ‘National Marine Science Plan’. This
plan, coordinated by the National Marine Science Committee, is built on the AIMS
index of marine industries to project future opportunities for growth and how they
might be supported by the Australian science community.69 On the other hand, the
‘oceans as good business’ lens is exemplied by a focus on valuation studies that seek
to quantify the worth of marine industries in Australia and project their future capacity
for growth. For example, AIMS has been developing a regular valuation of existing
maritime industries since 2008, known as the AIMS Index of Marine Industry.70
4.2 China
China, the fastest growing economy in the world, is home to rich endowment
of blue resources, which could help sustain its high growth spell in the future. It has a
vast coastline of 32,000 km including continental shelves and EEZ which has marine oil
reserves of 24 billion tons and natural gas reserves of 1.6 billion cubic meters.71 During
2011-2015, China’s ocean economy grew at an annual average growth of 8.1 per cent.
In 2015, the marine economy was estimated to be US$ 989.3 billion, which was 7 per
cent higher than in 2014. This corresponded to about 9.6 per cent of the national GDP
for 2015. Besides, the marine industry employs an estimated 35.9 million people.72
The Government of China emphasizes on marine resources and the oceans to
supplement its land resources. The Chinese leadership is aware of the importance of
66 Oceans Policy Science Advisory Group (OPSAG), op. cit.
67 National Marine Science Committee, National Marine Science Plan 2015-2025: Driving the Development of
Australia’s Blue Economy, Canberra: Government of Australia, 2015, p. 8.
68 Michelle Voyer et al., op. cit.
69 National Marine Science Committee, op. cit.
70 Australian Institute of Marine Science (AIMS), op. cit.
71 Rui Zhao, Stephen Hynes and Guang Shun He, “Blue Growth in the Middle Kingdom: An Analysis of China’s
Ocean Economy”, Center for the Blue Economy (CBE), No. 3, 2013, p. 5.
72 “China’s marine output up 7% in 2015”, Xinhua, 03 March 2016.
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the marine economy and has noted: “A developed marine economy is an important
part of building maritime power.”73 For the rst time, the Chinese government launched
the China Ocean Agenda 21 in 1996 with the objective to formulate a comprehensive
strategy for sustainable development of marine resources, safeguard state’s marine
rights and interests, and protect marine ecosystems.74 Adoption of this agenda was
the beginning of Blue Economy in China. In recent years, the Chinese government has
been increasingly supportive of the development of ocean economy, implementing
several national ocean-related strategies.75 At policy level, Blue Economy assumed
signicance in the 12th Five-Year Plan for National and Social Development, 2011-15
which for the rst time, devoted emphasis to the development of ocean economy. The
major objective of the Plan was to optimize the structure of Blue Economy through
the development of marine industries.76 In March 2016, the Chinese government
announced the 13th Five-Year Plan (2016-2020) which aims to achieve nearly 100
targets in the ve-year period, e.g., develop smart ports, construct more ice-breaking
vessels, transform the ship equipment industry and engage in deep-sea activities,
etc.77 These initiatives will help China to promote the growth of Blue Economy.
In China, Blue Economy has been guided by the development and
implementation of Marine Functional Zoning, which has aimed to rationalize
governance arrangements, nurture sustainable industries and secure sovereign
rights.78 Besides, China has showed a signicant growth agenda in relation to its
maritime jurisdiction, perhaps best demonstrated through its massive ‘Maritime
Silk Road’ project aimed at securing trade routes and opening up new economic
opportunities in the Indo-Pacic region.79 Their ocean-based economic agenda
also highlights the risks associated with geopolitical and territorial disputes.80 The
technique of economic valuation in order to identify the worth of ocean-based
industries to national economies has been particularly embraced in China.81 Experts
believe that this provides a metric to highlight and communicate the value of these
73 Wang Qian and Zhang Yunbi, “President Xi vows to protect maritime interests”, China Daily, 01 August
2013.
74 Rui Zhao, Stephen Hynes and Guang Shun He, op. cit.
75 Rui Zhao, Stephen Hynes and Guang Shun He, “D ening and Quantifying China’s Ocean Economy”, Marine
Policy, Vol. 43, 2014, p. 164.
76 S.K. Mohanty, Priyadarshi Dash, Aastha Gupta and Pankhuri Gaur, op. cit., p. 75.
77 Federation of Indian Chambers of Commerce and Industry (FICCI), op. cit., p. 6.
78 Wen-Hai Lu, Jie Liu, Xian-Quan Xiang, Wei-Ling Song and Alistair Mcilgorm, “A Comparison of Marine
Spatial Planning Approaches in China: Marine Functional Zoning and the Marine Ecological Red Line”,
Marine Policy, Vol. 62, 2015, pp. 94-101.
79 Mohammad Aminul Karim, “China’s Proposed Maritime Silk Road: Challenges and Opportunities with
Special Reference to the Bay of Bengal Region”, Pacic Focus, Vol. 30, No. 3, 2015, pp. 297-319.
80 Clive H. Schoeld, “A Landmark Decision in the South China Sea: The Scope and Implications of the
Arbitral Tribunal’s Award”, Contemporary Southeast Asia, Vol. 38, No. 3, 2016, pp. 339-347.
81 Alistair McIlgorm, “Ocean Economy Valuation Studies in the Asia-Pacic Region: Lessons for the Future
International Use of National Accounts in the Blue Economy”, Journal of Ocean and Coastal Economics, Vol.
2, No. 2, 2016, p. 10.
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sectors to society, governments and the business sector in order to grow investment
and build social and political support.82
In the Chinese context, the Blue Economy is interpreted through the ‘ocean
as good business’ lens primarily. Michael Conathan and Scott Moore rightly point
out, “China’s Blue Economy policies have focused on growth of the ocean economy,
through a cross-sectoral and spatial planning process for economic development.
But China’s emphasis is not on environmental protection”.83 Although the Chinese
government has taken a few important steps to better protect marine ecosystems,
nevertheless its main focus has been on economic development.
4.3 European Union (EU)
Europe’s vast territory gives it access to a number of sea and oceans and its
maritime sector employs over 5.4 million jobs generating almost US$ 569.8 billion a
year.84 For the EU, the primary lens used to interpret the Blue Economy is the ‘oceans as
a driver of innovation’ lens. However, compared to other countries, signicant amount
of emphasis is also put on ‘oceans as good business’ and ‘oceans as natural capital’
lenses. In fact, the EU is using innovation to foster jobs and protect the environment,
which is aimed at meeting its needs without causing damage to ocean health.
In 2012, the European Commission formulated its “Blue Growth Strategy” to
harness the possibilities of Europe’s oceans, seas and coasts for growth and job. The
strategy was designed “to steer the EU out of its current economic crisis” as a source
of jobs, competitiveness and greater resource opportunity that can be tapped while
“safeguarding” the health of European seas. It also identied ve focus areas for blue
growth, i.e., blue energy, aquaculture, maritime, coastal and cruise tourism, marine
mineral resources and blue biotechnology.85 A progress report of implementation of
the blue growth strategy was published in 2017. It shows that research and innovation
have always been a key focus of EU, with a total of US$ 911.68 million allocated to
marine and maritime research and innovation projects from 2014-2016. The report also
talked about a European Maritime and Fisheries Fund to help encourage investment
(though a lack of public and private risk funding for emerging industries was cited
as a continuing challenge), and Coastal and Marine Spatial Planning (CMSP).86 The
82 Charles S. Colgan, “Measurement of the Ocean Economy from National Income Accounts to the
Sustainable Blue Economy”, Journal of Ocean and Coastal Economies, Vol. 2, No. 2, 2016, pp. 1-42.
83 Michael Conathan and Scott Moore, “Developing a Blue Economy in China and the United States”, Centre
for American Progress, 2015, p. 5.
84 ECORYS, Blue Growth Study - Scenarios and Drivers for Sustainable Growth from the Oceans, Seas and Coasts,
Brussels: European Commission, 2012.
85 European Commission, Blue Growth: Opportunities for Marine and Maritime Sustainable Growth, Brussels:
European Commission, 2012.
86 European Commission, Report on the Blue Growth Strategy: Towards a More Sustainable Growth and Jobs in
the Blue Economy, Brussels: European Commission, 2017.
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EU also has conducted study on specic seas (such as the western Mediterranean) to
see its Blue Economy potential. Besides, the EU Marine Strategy Framework Directive
(MSFD) has been put in place to protect the marine ecosystem and biodiversity.87 In
2018, the European Commission also funded an expert study on sustainable Blue
Economy which suggested pathways for development of Blue Economy in Europe
while conserving marine and coastal ecosystem.88
In order to highlight the results of its research and innovation in Blue Economy,
the EU published another report in 2017. The report demonstrated how EU-funded
research and innovation projects were helping in meeting the main challenges in
sustainable Blue Economy development. Moreover, the EU has been focusing on
sustainable marine energy and blue biotechnology; both of which require high
level of technological innovation.89 In a nutshell, it can be said that the EU’s eorts
to ourish its Blue Economy have been focused on generating more jobs through
innovation without harming the ocean’s health on which marine-related economic
and social activities are dependent.
4.4 India
India is the largest among South Asian countries, and endowed with 7,500
km long coastline and 2.019 million km2 of EEZ, which is a repository of huge wealth
of living and employment and contributes to the national economy.90 However, there
has not been any attempt to calculate how much the Blue Economy contributes to
the country’s GDP, which is understandable as the concept did not gain attention of
the government until very recently.
The Indian government stands committed to promoting the Blue Economy.
Prime Minister Narendra Modi has spoken about it on several occasions at national
and international levels. He observed: “To me the Blue chakra or wheel in India’s
national ag represents the potential of Blue Revolution or the Ocean Economy. That
is how central the ocean economy is to us.”91 He endorsed Blue Economy as a new
pillar of economic activity in coastal areas and linked hinterlands through sustainable
tapping of oceanic resources and announced his vision for the seas through Security
87 European Commission, “Environment”, 18 May 2017, available at http://ec.europa.eu/environment/
marine/eu-coast-and-marine-policy/marine-strategy-framework-directive/index_en.htm, accessed on 15
October 2018.
88 M. Pantzar and M. Kettunen, A Sustainable Blue Economy: Adopting the Concept of Ecosystem Services in EU
Marine Protected Area Management– A Study of Experts’ Views, Brussels: European Commission, 2018, pp.
11-22.
89 European Commission, Investing in the Blue Economy: Unlocking the Potential of the Ocean to Create Jobs
and Boost the Economy, Brussels: EU, 2017.
90 Vijay Sakhuja, op. cit.
91 Narendra Modi, Prime Minister’s Statement Made at the Commissioning of Oshore Patrol Vessel (OPV) in
Barracuda, Mauritius, on 12 March 2015.
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and Growth for All in the Region (SAGAR). The centerpiece of India’s push for the Blue
Economy is the Sagarmala project that includes constructing ports, augmenting
coastal infrastructure, developing inland waterways, intensifying shing, and creating
special economic zones and tourism promotion.92 The project envisages doubling the
current share of coastal shipping in India’s overall modal mix from 6 per cent to 12 per
cent by 2025.93
In addition, India has been actively pursuing oceanic outreach in the near
neighbourhood as well as the wider Indian Ocean Region (IOR), couched in terms of the
Blue Economy.94 It has launched Blue Economy initiatives with Seychelles, Mauritius,
Sri Lanka and Bangladesh among other countries of the IOR. Following Prime Minister
Modi’s visit to Mauritius, an India-Mauritius Dialogue on the Blue Economy has been
set up and as a follow-up, on 12 April 2016 the Mauritius Minister of Ocean Economy,
Marine Resources, Fisheries, Shipping and Outer Islands met with India’s Minister of
Science and Technology and Ear th Sciences to explore areas of cooperation.95 The most
recent visit in 2017 resulted into the signing of Memorandum of Understanding (MoU)
on research and education in marine sciences and technology.96 Furthermore, MoUs
have been signed with Seychelles, Sri Lanka and Bangladesh on the Blue and Ocean
Economy. For instance, an agreement was signed between India and Bangladesh
on 15 November 2015 to commence coastal shipping between Bangladesh and the
eastern ports of India through River Sea Vessels.97
Therefore, it is apparent that India’s Blue Economy endeavours are focused on
port led economic development which can be explained by ‘oceans as good business’
lens. Some argue that there is absence of an overarching strategic vision which
incorporates the elements such as maritime security, environmental sustainability
and new and innovative forms of cooperation.98 Besides, there has been limited
discussion on the nancial viability and social costs of pushing it.
92 Pankaj Sekhsaria, “Many shades of a Blue Economy: Sagarmala project”, The Hindu, 11 November 2017,
available at https://www.thehindu.com/sci-tech/energy-and-environment/many-shades-of-a-blue-
economy-sagarmala-project/article20104312.ece, accessed on 20 November 2018.
93 “India’s Blue Economy Booming”, The Maritime Executive, 16 November 2017, available at https://www.
maritime-executive.com/article/indias-blue-economy-booming#gs, accessed on 17 June 2018.
94 Jivanta Schottli, “India’s Maritime Turn: A Blue Economy Strategy in the Making?”, ISAS, No. 332, May 2016,
p. 5.
95 “India-Mauritius Maritime Dialogue on Blue Economy”, Ministry of Earth Sciences, Government of India,13
April 2016, available at http://www.moes.gov.in/content/india-mauritius, accessed on 17 June 2018.
96 “India and Mauritius sign deal on maritime security”, Indian Express, 28 May 2017, available at https://
indianexpress.com/article/india/india-and-mauritius-sign-deal-on-maritime-security-4677206/, accessed
on 20 November 2018.
97 “Deal signed to start coastal shipping soon”, The Daily Star, 16 November 2015.
98 Sonali Mittra, “Blue Economy: Beyond an Economic Proposition”, ORF Issue Brief, No. 173, March 2017, p. 2.
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4.5 The United States (US)
The US has thirty coastal states bordering the Atlantic, Pacic, Gulf of Mexico
and the Great Lakes.99 It is needless to say that ocean economy contributes to its
economy to a great extent. In 2015, the Ocean and Great Lakes economy contributed
US$ 320 billion to GDP and supported 3.2 million jobs.100 The growth of the US Ocean
and Great Lakes economy continues to outpace overall US economic growth, rising by
5.7 per cent in 2014-15 compared with the 2.7 per cent of overall economy.101 Instead
of Blue Economy, the National Ocean Service of the US terms the concept as the “Ocean
and Great Lakes economy” and states that it is comprised of six job sectors dependent
on natural resources: marine construction, marine transportation, oshore mineral
extraction, ship and boat building, and tourism and recreation.102 In the academic
world, the Middlebury Institute of International Studies, at the Middlebury college,
Vermont, US, has a center for the Blue Economy. The center conducts research on
how ocean and coastal resources can support economic development and enhance
healthy oceans and well-managed coastlines.103
The ‘oceans as good business’ lens has been the US’s centre of attention, as the
country focuses on job creation and economic activity in the sector. In 2010, the then
President Barack Obama issued a “National Policy for the Stewardship of the Ocean,
Our Coasts, and the Great Lakes” which included some elements of environmental
protection. Obama’s 2010 Executive Order also directed federal agencies to implement
the recommendations of the Interagency Ocean Policy Task Force (IOPTF) under the
guidance of a new National Ocean Council (NOC)104, but since then not much progress has
been made. In June 2018, President Donald Trump signed a new executive order detailing
a revised oceans policy. This has completely changed the theme from preservation to
resource use and extraction,105 further emphasizing the US’s ‘oceans as good business’ lens.
99 Judith T. Kildow, Charles S. Colgan and Pat Johnston, State of the U.S. Ocean and Coastal Economies, Cali-
fornia: MIIS, 2016, p. 7.
100 The White House, “President Donald J. Trump is Promoting America’s Ocean Economy”, 19 June 2018,
available at https://www.whitehouse.gov/briengs-statements/president-donald-j-trump-promoting-
americas-ocean-economy/, accessed on 29 July 2018.
101 National Oceanic and Atmospheric Association, NOAA Report on U.S. Ocean and Great Lakes Economy,
Charleston, SC: NOAA Oce for Coastal Management, 2018.
102 Judith T. Kildow, Charles S. Colgan and Pat Johnston, op. cit.
103 “Center for the Blue Economy”, available at https://www.middlebury.edu/institute/academics/centers-
initiatives/center-blue-economy, accessed 16 October 2018.
104 “United States”, National Marine Spatial Planning Programme, available at http://msp.ioc-unesco.org/
world-applications/americas/us/national/, accessed on 16 October 2018.
105 Trump Just Remade Ocean Policy—Here’s What That Means”, National Geographic, 13 July, 2018, avail-
able at https://www.nationalgeographic.com/environment/2018/07/news-ocean-policy-indigenous-sus-
tainability-sheries-industry-economy-marine/, accessed on 16 October 2018.
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4.6 Small Island Developing States (SIDS)
Blue Economy concept is at the forefront of the development of the SIDS.
Target 14.7 of the UN Sustainable Development Goals (SDGs) also focuses on
enhancing the economic benets to SIDS and LDCs from sustainable use of marine
resources, including through the sustainable management of sheries, aquaculture,
and tourism.106 There have been a number of reports by the World Bank and the UN
which focus on the prospects of the SIDS in developing Blue Economy, and a number
of countries are already taking initiatives to forward the agenda. Some of the SIDS have
come forth with innovative initiatives to get a head start in the area. For example, Fiji
has shown large marine tourism potential by combining tourist resort development
with traditional coastal shing villages.107
Many SIDS have already formulated national policies on Blue Economy and
have designated special government units for it. The Government of Grenada, for
example, has developed a Coastal Blue Growth Master Plan and launched its own
Blue Innovation Institute. Furthermore, it has partnered with the Government of
Netherlands to establish a blue growth partnership named “the Blue Network”.108
Cape Verde, on the other hand, has formulated a government wide agenda called
“Blue Growth Charter”, which focuses governance and innovation and sustainable use
of its ocean resources. It also has a ‘Blue Growth Intelligence Unit” that supports the
Charter and provides policy advice.109
In Seychelles, the government has designated the Ministry of Finance,
Trade and the Blue Economy to lead the efforts.110 In 2015, the University of
Seychelles established a Blue Economy research institute.111 On 31 January 2018,
Government of Seychelles approved a Blue Economy Strategic Framework and
Roadmap, which has been described as an integrated approach for ocean-based
sustainable development.112 It has also shown innovation in investment ideas,
by introducing ‘blue bond’113. The first blue bond was approved by the World
106 World Bank and United Nations Department of Economic and Social Aairs, The Potential of the Blue
Economy: Increasing Long-term Benets of the Sustainable Use of Marine Resources for Small Island, Washing-
ton D.C.: The World Bank, 2017.
107 Food and Agricultural Organization (FAO), Global Blue Growth Initiative and Small Island Developing States
(SIDS), Rome: FAO, 2014.
108 “Adopting the Blue Economy: A Viable Path to Sustainable Development in Small Island Developing
States”, UN Ocean Conference, 2017.
109 Ibid.
110 “Blue Economy Movement Gaining Traction in Africa”, Financial Tribune, 17 July 2018.
111 P.G. Patil et al., op. cit., p. 93.
112 “Seychelles Blue Economy Strategic Roadmap and Implementation”, The Commonwealth, available at
http://thecommonwealth.org/project/seychelles-blue-economy-strategic-roadmap-and-implementation,
accessed on 17 October 2018.
113 The blue bond is a debt instrument issued by governments, development banks or others to raise capital
from impact investors to nance marine and ocean-based projects that have positive environmental,
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Bank in September 2017, which will be used for fisheries and marine resources
management.114
Mauritius launched a national dialogue on the ocean economy in 2013 for
developing a new growth strategy based on its ocean space and resources which was
later named “The Ocean Economy: A Roadmap for Mauritius”. In 2015, the government
established the “Ministry of Ocean Economy, Fisheries, Marine Resources and Outer
Islands” to consolidate various organizations working in the area. The government has
also appointed the National Ocean Council as an advisory body.115 On the other hand,
Belize’s “national integrated coastal zone management plan” has been noted to be a
model for the Central America and Caribbean regions. The plan is very cross-sectoral
in nature and serves as the overall framework for sustainable use and development of
resources within the coastal zone.116
Despite the diversity in the SIDS geographical location and socio-economic
scenarios, the use of “oceans as livelihoods” lens is overarching in developing Blue
Economy. Since the SIDS are also among the most vulnerable entities to climate
change, ‘oceans as natural capital’ lens receives considerable importance as well.
Analysis of the national documents of the SIDS countries shows that, the focus has
been on conserving the marine resources and protecting livelihood of their people.
Rather than venturing on large scale industrialization, the countries are aiming to use
their blue space sustainably.
5. Lessons for Bangladesh
From earlier discussions, it is evident that the Blue Economy priorities vary from
country to country, nevertheless, there are some common practices that Bangladesh
can follow in order to explore its Blue Economy potentials. Besides, Bangladesh may
take note of the innovative ideas initiated by other countries and apply them in viable
context. These are discussed subsequently.
Bangladesh needs a national plan to develop the Blue Economy. Countries
considered at the forefront of Blue economy implementation, i.e., Ireland, Seychelles,
economic and climate benets. For details, see, The World Bank, “Sovereign Blue Bond Issuance: Frequently
Asked Questions”, available at https://www.worldbank.org/en/news/feature/2018/10/29/sovereign-blue-
bond-issuance-frequently-asked-questions, accessed on 10 January 2018.
114 Catherine Benson Wahlen, “First World Bank ‘Blue Bond’ Approved for Seychelles”, IISD, 29 September
2017, available at http://sdg.iisd.org/news/rst-world-bank-blue-bond-approved-for-seychelles/, accessed
on 11 October 2018.
115 Raaello Cervigni and Pasquale Lucio Scandizzo, The Ocean Economy in Mauritius: Making It Happen,
Making It Last, Washington, D.C.: World Bank, 2017.
116 “The Blue Economy and Climate Change in the Context of Sustainable Development: Reections from
the Perspective of Belize, CARICOM and SIDS”, available at https://europa.eu/capacity4dev/le/32263/
download, accessed on 17 October 2018.
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South Africa and EU have devised their own Blue Economy plan. For example, “The
2012 Harnessing Our Ocean Wealth (HOOW)” policy document of the Republic of
Ireland, “the Blue Economy Strategy Roadmap Implementation (BESRI)” of the Republic
of Seychelles, the Operation Phakisa policy document of the Republic of South Africa
and “Blue Growth Strategy” of the EU were initiated preparatory to the establishment
of Blue Economy regimes in the respective countries. Notably, purpose of the Blue
Economy plan should be to establish a framework that can guide the planning and
development of maritime activities in a rational and sustainable manner for social
and economic development of Bangladesh. Thus, for developing the Blue Economy
plan in Bangladesh, stakeholders in all potential Blue Economy sectors and coastal
communities need to be consulted. However, experts point out that Bangladesh
rst needs to focus on human resource development and capacity building before
developing a well-articulated national maritime policy which will take time.117
It is necessary to formulate and strengthen legal frameworks to better
integrate Blue Economy considerations. For Example, to give an eect to her Blue
Economy policy, South Africa established the Ocean Act and the Integrated Ocean
Governance regime which was necessary to give Operation Phakisa the force of law
as a Blue Economy component of South Africa’s national development plan 2030.118
Similarly, the US Magnuson-Stevens Fisheries Conservation and Management Act
(MSA) of 1976 was amended in 2007 to enable her achieve long term sustainability
in sheries. For Bangladesh, the starting point could be the ongoing eorts to design
the Integrated Coastal and Ocean Management Policy119, as well as the various Blue
Economy sectoral policies under review or design.120
Developing Blue Economy institutional framework which covers the gamut of
administrative and operational maritime entities is required to actualize Blue Economy.
However, at present, maritime aairs in Bangladesh are managed without any central
coordination. There are many agencies involved, e.g., the Navy, the Coast Guard,
Ministry of Fisheries and Livestock, Department of Energy and Mineral Resources,
Ministry of Shipping and so on. Therefore, institutions operating independently are
yet to have for proper coordination and accountability of the Blue Economy activities.
For greater coordination, a central coordinating body is necessary given the increased
level of activities in maritime areas. Bangladesh can follow the path of Mauritius and
117 Authors’ interview with Rear Admiral M. Khurshed Alam, Secretary, Maritime Aairs Unit, Ministry of
Foreign Aairs, on 24 October 2018.
118 Timothy Walker, Securing a Sustainable Oceans Economy: South Africa’s Approach, Pretoria: ISS, 2018.
119 Bangladesh’s Integrated Coastal and Ocean Management Policy (ICOMP) is currently under preparation.
It organizes amended laws, policies and institutions connected to twenty-seven “blue economic functions”
covering six broad areas: (i) maritime trade and shipping; (ii) food and livelihood; (iii) energy; (iv) tourism; (v)
coastal protection/articial islands/greening coastal belts; and (vi) human resource development, maritime
surveillance and marine spatial planning.
120 Annex 1 shows the policies currently under review or development, related to the Blue Economy in
Bangladesh.
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Seychelles by establishing a designated Ministry of Blue Economy. Experts believe that
a separate department for ocean aairs should not be placed in any particular Ministry
rather representatives from all other ministries relevant to ocean management should
constitute such bodies.121 Nevertheless, the Maritime Aairs Unit at the Ministry of
Foreign Aairs and the launching of a ‘Blue Economy Cell’ at the Ministry of Power,
Energy and Mineral Resources have been a good start.
Bangladesh needs to develop its resource exploration and extraction
capacities. It needs to expand comprehensive technological and technical know-
how required for eectively exploring, drilling and extracting marine resources.122
Bangladesh needs to carry out a comprehensive and pragmatic survey of marine
resources. It will unveil the vastness of marine resources. The importance of having
a satellite for maritime survey and research is of utmost requirement.123 Bangladesh
now has its own satellite which can be used for maritime survey along with other
expedition in future. Besides, with the help of the satellite, ships and vessels navigating
through the country’s rivers and sea will be able to maintain communication with
each other and prevent accidents.
Prioritizing higher education and better research facilities is essential in order
to utilize sea resources for the economic development of the country. Bangladesh
needs to have a strategic plan to prepare skillful human resources for maritime sectors.
An economy can never be successfully established unless and until it is cultivated
and shaped from the root level. Therefore, the government’s initiative to establish a
Maritime University was a signicant decision. Besides, Bangladesh should try to build
a sea-based scientist community following the examples of Australia and EU which
have emphasized on the signicance of research and innovation in developing Blue
Economy. So, the establishments of the Bangladesh Oceanographic Research Institute
(BORI) and Bangladesh Institute of Maritime Research and Development (BIMRAD) by
the government are welcoming steps to the creation of marine scientic community.
It is also important to ensure that the new initiatives do not damage the ability
of the natural world around us to thrive and continue to provide its critical services. The
World Bank says that the changing status of ocean ecosystems may pose a signicant
threat to the future growth of ocean economy of Bangladesh. The three drivers of change,
viz., increasing shing capacity, coastal development and pollution may have considerable
impact on these ecosystems.124According to Charles S. Clogan, two policy frameworks
are particularly important for resource and environmental management relevant to the
121 Abul Kalam Azad, “Delimitation of Maritime Boundaries and the Prospect of Blue Economy for
Bangladesh: A Critical Overview”, Journal of International Relations, Vol. VI, No. 6, 2015, p. 90.
122 Md. Jahan Shoieb and Md. Muhibbur Rahman, “Emerging Strategic Landscape in the Bay of Bengal and
Maritime Capability Building of Bangladesh”, BIISS Journal, Vol. 35, No. 1, January 2014, p. 41.
123 Md Shahidul Hasan, op. cit., p. 240.
124 P.G. Patil et al., op. cit.
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Blue Economy.125 One is integrated coastal zone management (ICZM) and the other, more
recent framework is MSP. These policies are all based on the setting of limits on human
activity and spatial arrangements of ecosystems. MSP is developing rapidly in many areas,
i.e., the EU and Australia. Small island states like Belize also have their own integrated
MSP, which prioritizes marine conservation. Unfortunately, Bangladesh is yet to establish
ocean governance at the centre of policymaking which is necessary to adopt MSP for
sustainable ocean governance in the Bay of Bengal. Therefore, Bangladesh is required to
push policies in cooperation with other countries to protect the ocean from the eects of
climate change, pollution and overshing. Thus, development of environmental policies
and regulations geared towards conserving, managing, protecting and sustainable use
of aquatic and marine ecosystems is necessary. It is worth mentioning that Bangladesh
has some environmental laws covering seas (see Annex 1), which experts deem to be
inadequate.126
P.G. Patil et al. identied seven key elements of a Blue Economy policy
direction for Bangladesh.127 First, developing/strengthening national policies to
better integrate Blue Economy considerations, sub-national policy and governance
frameworks. Second, implementing policies for a healthy, resilient and productive
ocean spaces. Third, raising awareness to better educate stakeholders on what the
Blue Economy is and why it matters. Fourth, ensuring ocean wealth is kept national
and local. Fifth, constructing infrastructure to support a transition to a Blue Economy.
Sixth, transforming research and development and national knowledge or technical
centres via institutional links with emerging global experience and platforms to
better serve Bangladesh. Seventh, maximizing nance for development approach
which can unlock private capital. The study provides a comprehensive listing of
recommendations for developing Blue Economy.
Based on a range of international experiences, academics and policymakers
suggest four steps to implement Blue Economy, i.e., Measure, Manage, Invest and
Monitor,128 which are relevant for Bangladesh as well. First, measure the status of
the ocean economy and ecosystems at the national level, as well as external driving
forces such as climate change. In this regard, it is necessary to develop an ocean
account to maintain a snapshot of the output from the country’s ocean economy. For
instance, China has launched an accounting system to measure the ocean economy.
125 Charles S. Clogan, “The Blue Economy: Theory and Strategy”, in Vishva Nath Attri and Narnia Bohler-
Muller (eds.), The Blue Economy Handbook of the Indian Ocean Region, Pretoria: Africa Institute of South
Africa, 2018, p. 47.
126 Authors’ interview with Syeda Rizwana Hasan, Executive Director, Bangladesh Environmental Lawyers
Association (BELA), on 17 September 2018.
127 P.G. Patil et al., 2018, op. cit., p. 69.
128 Charles S. Clogan, op. cit.; P.G. Patil, John Virdin, Sylvia Michele Diez, JulianRoberts and Asha Singh, To-
ward a Blue Economy: A Promise for Sustainable Growth in the Caribbean, Washington, D.C.: The World Bank,
2016; J.S. Golden, John Virdin, Douglas Nowacek, Patrick Halpin, Lori Bennear and Pawan G. Patil, “Making
Sure the Blue Economy is Green”, Nature Ecology and Evolution, 2017.
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Second, manage the interaction between the ocean economy and ecosystems, and
among sectors. The ultimate success of a country in achieving Blue Economy policy
objectives for sustainable development of the ocean space and resources under its
jurisdiction will depend upon the management decisions of public agencies charged
with regulating ocean use. The essential task of these public agencies is to set and
enforce rules for the ocean economy that limit resource extraction and pollution
levels. Third, invest in the transition to the Blue Economy through clear principles and
processes that encourage sustainable growth in private investment. Fourth, monitor
the progress towards agreed targets for the country’s Blue Economy policy objective
is important.
Finally, there is no alternative to pursuing Blue Diplomacy vigorously as tangible
international cooperation is essential for securing meaningful progress in Bangladesh’s
Blue Economy. The present government has been making concerted eorts to reach
out to the international community using conferences and conclave on Blue Economy.
Bangladesh should actively engage with the Indian Ocean Rim Association (IORA), Bay
of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC),
Indian Ocean Naval Symposium (IONS), etc. in the development of a regional Blue
Economy shared vision and strategic priorities to guide future investment and a means
to secure the development interests. More foreign investment should be forthcoming
in this respect. If needed, the country can go for foreign assistance in the form of loans
and grants. For instance, as mentioned earlier, Seychelles has issued one of the world’s
rst blue bonds for sheries management investment based on guarantees from the
World Bank and Global Environment Facility. However, experts argue that Bangladesh
needs to be cautious with respect to over-reliance on foreign funds and donation.129
While dialogue and cooperation at various multilateral fora will continue, the country’s
diplomacy will need to focus, in particular, on the region close to Bangladesh. Therefore,
the country should take concrete steps through bilateral or multilateral engagements
for information sharing, joint management, joint surveillance and joint disaster
management programmes with its littoral neighbours.
6. Concluding Remarks
It is now well recognized that oceans hold an incredible potential for
meeting the world’s ever-growing economic demand. The concept of Blue Economy
is becoming popular with policy makers globally, and countries are taking various
initiatives to adopt it. There is no universally accepted denition of Blue Economy,
but it can be said that the Blue Economy is a way to maximize the economic value of
marine resources in a manner that preserves sea’s overall health. The components of
Blue Economy include dierent ocean related industries, economic activities as well
as measures to protect the marine life and environment.
129 Abul Kalam Azad, op. cit., p. 83.
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Bangladesh is also interested in advancing its Blue Economy and looking
at ways to utilize its vast sea territory. So far, the country has explored only a small
number of Blue Economy sectors such as sheries and aquaculture, shipbuilding,
ship breaking, salt generation and port facilities. Nevertheless, most of these sectors
are still operating in traditional methods and there are opportunities for introducing
innovation and technology for further expansion. Moreover, there are a number of
Blue Economy sectors with great economic potential, e.g., seafood processing, marine
biotechnology, exploration of oil, gas and other minerals, desalination and blue
carbon, where Bangladesh’s exposure is limited or absent. Therefore, exploring these
sectors will be benecial for the country.
The Blue Economy experiences around the world are diverse and context
specic, but among them natural capital, livelihood, good business and driver of
innovation are major lenses. Blue Economy is regarded as a source of economic growth
by the EU, China, India and the US. The terms ‘Blue Economy’ and ‘ocean economy’ are
often used interchangeably by these countries. Mostly, their eorts to develop Blue
Economy are focused on growing ocean-based industries. Emerging Blue Economy
sectors, e.g., aquaculture, ocean-based renewables, deep sea mining and marine
biotechnology are given special attention. Ocean economy valuation, governance,
sector specic investments and growth strategies are prioritized. Besides, innovation
is central to developing Blue Economy in some cases, e.g., Australia and the EU. By
contrast, SIDS focus on human welfare and the protection of marine environment
as the central part in dening Blue Economy. The traditional sectors, e.g., sheries,
aquaculture, tourism, etc. are emphasized in developing Blue Economy. In addition,
eorts to establish Blue Economy have included a policy framework incorporating MSP,
expansion of research institutes, development mechanism focusing diversication,
creating jobs and ensuring food security.
The Blue Economy experiences of other countries could be the guiding
lessons for Bangladesh. For Bangladesh, a national plan is required that will outline
the roadmap for Blue Economy initiatives across sectors. The formulation process of
such policy has to be participatory and inclusive. Besides, the government needs to
formulate laws that will facilitate the Blue Economy industries. Given the broad nature
of Blue economy, coordination within and among the various government organs is
also crucial. Since the idea of Blue Economy is new in Bangladesh, capacity building
across the sectors is essential. In this regard, focusing on education, research and
innovation needs to get priority. Lacking indigenous expertise and funds, Bangladesh
has to seek partnership with foreign countries to develop its marine sector. It can
continue pursuing blue diplomacy and take lead in Blue Economy initiatives in the
Bay of Bengal. In addition, it needs to make sure that economic activities do not
harm marine environment and ecosystems. Achieving these goals and priorities is
dicult and requires time. Nevertheless, the goodwill of the government exhibits that
Bangladesh is on the right track.
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Annex 1: Key Reforms Related to Blue Economy in Bangladesh
Sectors Policies Laws and Acts Responsible Institutions
Coastal
Protection
Bangladesh
Climate Change
Strategy and
Action Plan
(BCCSAP)
National Action
Plan for Adap-
tation (NAPA)
Climate Change Trust
Act 2010
Ministry of Environment and
Forests
Disaster Management Informa-
tion Centre (DMIC) of Ministry of
Food and Disaster Management
Existence
of Biodi-
versity
Coastal and
Wetland
Biodiversity
Management
Plan
Wetland Protection Act,
2000;
Environment Conserva-
tion Act, 1995, 2000,
2002;
Environmental Conser-
vation Rules, 1997, 2000,
2001;
National Conservation
Strategy, 2005;
National River Protec-
tion Commission Act,
2013;
Forest Act 1927;
Wildlife Protection and
Security Act, 2012
Ministry of Environment and
Forests
The Bangladesh National Her-
barium
Waste
Disposal
Bangladesh
Water Act
Integrated Water Re-
sources Management
(IWRM), 2005
Ministry of Water Resources
Energy Renewable
Energy Policy,
2008;
National Energy
Policy, 2004
Bangladesh Petroleum
Act, 1974
Ministry of Power, Energy and
Mineral Resources (MoPEMR);
Sustainable and Renewable
Energy Development Authority
(SREDA);
Bangladesh Power Development
Board (BPDB)
Blue Economy Cell
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Living
Resources
National Ma-
rine Fisheries
Policy;
National
Aquaculture
Development
Strategy and
Action Plan
(2013-2020)
National
Shrimp Policy,
2014
Fish Hatchery Act 2010
Fish Hatchery Rules
2011
Fish Feed and Animal
Feed Act 2010
Fish Feed Rules 2011
Fisheries Research Insti-
tute Ordinance 1984
Ministry of Fisheries and Live-
stock (MoFL)
Department of Fisheries
Bangladesh Fisheries Develop-
ment Corporations (BFDC)
Tourism National Tour-
ism Policy, 2009
Tourism Board Act,
2010;
Bangladesh Tourism
Protected Areas and
Special Tourism Zone
Act, 2010;
Bangladesh Tourism
Protected Areas and
Special Tourism Zone
Rules, 2011
Ministry of Civil Aviation and
Tourism
Bangladesh Parjatan Corpora-
tion
Shipping
and Trans-
port
Maritime and
Shipping Strat-
egy of Bangla-
desh
Clean Air Act;
Import Policy Orders,
2012-2015;
Payra Port Authority Act,
2013;
Chittagong Port Author-
ity Act, 1995;
Mongla Port Authority
Act, 1995
Navy Ordinance, 1961
Coast Guard Act, 1994
Ministry of Power, Energy and
Mineral Resources (MoPEMR);
Infrastructure Financing Facility
(BIFF);
Inland Water Transport Authority
Ocean
Based
Industry
Comprehensive
Credit Policy for
SMEs
Inclusive Digital Finan-
cial Systems, 2015
Ministry of Industries (MoI);
Bangladesh Standards and Test-
ing Institution (BSTI);
Bangladesh Small and Cottage
Industries Corporation (BSCIC);
Bangladesh Chemical Industries
Corporation (BCIC);
Central Bank
Source: Adapted from P.G. Patil, et al., Toward a Blue Economy: A Pathway for Bangladesh’s Sustainable Growth.
Washington, D.C., The World Bank Group, 2018.
