Blue economy offers enormous opportunities for Bangladesh’s growth: Ashik Chowdhury

Maheshkhali Integrated Development Authority (Mida) Executive Chairman Ashik Chowdhury has said the blue economy offers enormous opportunities for Bangladesh to accelerate economic growth by unlocking untapped marine resources, creating millions of jobs and increasing export earnings.

Fisheries should be viewed as only the starting point of a much broader maritime economy encompassing seafood processing, marine industries, logistics, shipbuilding and other ocean-based sectors, he said while addressing a seminar “Investment Potential in Bangladesh’s Fisheries and Marine Economy,” organised by the Maheshkhali development authority under the Prime Minister’s Office in partnership with the Japan International Cooperation Agency, Bangladesh, at a hotel in the capital today (29 June). 

“We often imagine Bangladesh only through its landmass, overlooking the Bay of Bengal. This mindset has limited our thinking and planning. The sea should not be viewed as a boundary but as a gateway to prosperity,” he said.

Calling for stronger coordination among the Bida, the Mida and relevant ministries, he said coherent policies and institutional collaboration are essential to attract both domestic and foreign investment.

Presenting a technical session at the seminar, Dr Muhammad Tanvir Hossain Chowdhury, deputy director (Blue Economy) at the Department of Fisheries, said Bangladesh possesses strong natural and institutional advantages to become a regional hub for sustainable seafood production.

He identified Cox’s Bazar-Teknaf, St Martin’s Island, Maheshkhali-Sonadia, Kutubdia, the Sandwip-Noakhali coast and the Khulna-Satkhira coastal belt as high-potential locations for marine finfish cage culture, seaweed farming, shellfish cultivation and crab farming.

According to his presentation, Bangladesh has already made notable progress through pilot initiatives on marine finfish, seaweed, shellfish and crab culture. Successful trials have been conducted on seaweed farming and green mussel cultivation, while research is advancing on species selection, hatchery development and commercial farming systems. Mud crab fattening, soft-shell crab production and IoT-enabled smart aquaculture are also gaining momentum.

Bangladesh is well positioned for seafood investment because of its large aquaculture sector, abundant marine resources, skilled fish farmers and expanding processing infrastructure. Existing seafood processing plants, cold-storage facilities, ports, improved road connectivity, internationally recognised export certification systems and accredited laboratories have already enabled seafood exports to the European Union, Japan, China, the Middle East and the United States, according to data. 

Delivering the keynote presentation, Rear Admiral (Retd) Md Khurshed Alam stressed that sustainable utilisation of the country’s marine resources could significantly boost economic growth, exports and employment.

He said Bangladesh currently exploits marine resources only up to a depth of around 40 metres along its 675-kilometre coastline, while fish stocks in coastal waters are declining due to heavy fishing pressure from nearly 40,000 traditional fishing boats.

“If we want to access abundant marine resources, particularly high-value species such as tuna, we must think beyond the coastal waters and invest in larger fishing vessels capable of operating throughout our 200-nautical-mile Exclusive Economic Zone and beyond,” he said.

Khurshed said with adequate investment in vessels, infrastructure and supporting facilities, the country could generate hundreds of millions of dollars in annual export earnings. 

However, he noted that despite obtaining licences, some entrepreneurs have been waiting for nearly a decade for the policy support and infrastructure needed to begin commercial operations.

Highlighting private-sector opportunities, Syed M Istiak, fisheries specialist and business director of ACI Agrolink Ltd, said Bangladesh’s Vision 2035 targets the development of a fleet of 25-50 deep-sea fishing vessels capable of harvesting 30,000-50,000 tonnes of fish annually. 

The initiative also aims to establish transshipment facilities and generate around $300 million in seafood export earnings each year. He also emphasised the need to strengthen Bangladesh’s engagement with the Indian Ocean Tuna Commission, he said.