According to the World Bank, the blue economy is the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.”
European Commission defines it as “All economic activities related to oceans, seas and coasts. Blue Economy has the prospect to contribute Bangladesh economy on a much higher level. Twenty six potential Blue Economy sectors have been identified by the MoFA which include the fishery, maritime trade and shipping, energy, tourism, coastal protection, maritime safety and surveillance for development of blue economy in Bangladesh.
The country has so far, explored only a few number of Blue Economy sectors such as fisheries and aquaculture, shipbuilding, ship breaking, salt generation and port facilities. Besides, most of these sectors are following traditional methods.
Therefore, there still remains ample opportunities as well as challenges for exploring large number of blue economy sectors, safeguarding mangrove and ocean grass, addressing environmental changes and managing carbon discharge, and introducing innovative technology for further development to contribute in achieving sustainable development goals.