Maritime experts and policymakers have called for strategic investment in deep-sea fishing, marine biotechnology, and value-added seafood processing, asserting that Bangladesh could unlock a Blue Economy worth up to US$18 billion annually through coordinated policies and private sector participation.
Shifting Focus to the Bay of Bengal
Speaking at a seminar on the Blue Economy, Executive Chairman of the Maheshkhali Integrated Development Authority (MIDA) Chowdhury Ashik Mahmud Bin Harun emphasized the need for Bangladesh to shift from a land-centric development model to one that recognizes the Bay of Bengal as a key driver of future economic growth. He highlighted that fisheries, seafood processing, logistics, and exports form a single integrated value chain requiring coordinated support from different government agencies.
Strategic Hubs and Integrated Investment Packages
Describing Matarbari and Moheshkhali as strategic hubs for future marine industrial development, Ashik Chowdhury noted that MIDA is working to align policies across the ministries concerned to create an integrated investment package tailored to private sector needs. He expressed optimism that Bangladesh could emerge as a major global fishing exporter within the next three to five years through coordinated government action and private investment.
Potential of Marine Resources
Rear Admiral (Retd.) Khurshed Alam, in his keynote speech, said that Bangladesh currently generates around US$6 billion from its marine resources but has the potential to double or even triple that figure through sustainable exploitation of ocean resources. He outlined that the country's future Blue Economy should be built on four pillars: harmony with nature, climate neutrality, sustainable coastal communities, and integrated governance.
Modern Deep-Sea Fishing and Marine Biotechnology
Highlighting Bangladesh's untapped marine resources, Alam pointed out that marine fisheries account for only 15-16 percent of the country's fish production despite the vast maritime area. He urged entrepreneurs to invest in modern deep-sea fishing vessels, noting that commercially valuable tuna and several other large fish species remain largely unexplored in Bangladesh's waters. Additionally, he stressed the potential of marine biotechnology, suggesting that sea-based resources could support the production of pharmaceuticals, Omega-3 supplements, cosmetics, agar from seaweed, livestock, and fish feed, creating new export opportunities while reducing import dependence.
Lessons from Iceland and Future Directions
Drawing lessons from Iceland's fisheries sector, Alam said Bangladesh could significantly increase export earnings by ensuring value addition and utilizing every part of harvested fish for high-value industrial and pharmaceutical products. He also called for financial incentives for marine industries, improved infrastructure in coastal and island areas, faster implementation of deep-sea fishing initiatives, and greater media attention to the country's maritime economy.
