Momen for utilizing ‘blue economy’

Foreign Minister Dr AK Abdul Momen has said ‘blue economy’ is one of the resource frontiers in the recovery process from pandemic as oceans are both an engine for global economic growth and a key source of food security.

“Therefore, maximum utilization of blue economy is the key in our strides to overcome the adverse effects of pandemic,” he said on Thursday, reports BSS.

The foreign minister was speaking as the chief guest at an international webinar titled “Blue economy in post covid-19 era: resilience strategies for the coastal states”, organised by Bangabandhu Sheikh Mujibur Rahman Maritime University (BSMRMU).

Dr Momen said Bangladesh should aim at developing an inclusive and people-centric Blue Economy enhancing capacity-building with innovative financing, ensuring the transfer of critical technology and strengthening cross-sectoral partnerships and collaboration with other maritime nations.

In the context of Bay of Bengal, he said, “We need to develop a cooperative mechanism among the littoral states to promote collaboration for reaping maximum benefits of blue economy”.

Noting that Bangladesh considers Blue Economy as one of the cornerstones for its economic growth and socio-economic development, the foreign minister said maritime capacity building should be planned in regard to governance and institutional framework, academic and research institutions, managerial-technical-technological capabilities and qualified skills.

“It is high time to decide which marine sectors to prioritise, based on its domestic needs and demands of global market and charting a course towards a Blue horizon in partnership with the regional countries,” he said.

He warned that the oceans are coming under increased pressure from population growth, abuse of waters, global competition for raw materials, food demand, water scarcity, maritime security threats, climate change and marine pollution.

These multiple challenges and other geo-economic and geo-strategic factors require an integrated response and an urgent transition of the world economy towards a sustainable, inclusive and resource efficient path through adopting the concept of blue economy, he observed.

“We should also design the ocean governance policies for effective utilization of maritime realm and sustainable use of coastal and marine resources reducing the risk of irreversible damage to the marine eco-systems,” he said.

He said Bangladesh promotes regional cooperation in fisheries management, sustainable utilization of marine resources, environmental protection, disaster management and many other sectors through these regional organizations.

He said Dhaka believes that the regional vision for the blue economy must be supported by a balanced integration of the economic, social and environmental elements of development.

The foreign minister hoped that Bangladesh and the United States will soon enter into some tangible maritime cooperation framework under the ‘Vision for Advancing U.S.-Bangladesh Economic Partnership’.

Dr Momen recalled that Father of the Nation Bangabandhu Sheikh Mujibur Rahman had enacted the Territorial Waters and Maritime Zones Act 1974, much before the UN’ ITLOS in 1982, which laid the foundation for Bangladesh’s maritime rights and responsibilities.

Later, due to her prudent and dynamic leadership, Bangabandhu’s able daughter Prime Minister Sheikh Hasina, Bangladesh has amicably resolved the delimitation of the maritime boundary with its neighbours India and Myanmar and attained undisputed sovereignty over a huge maritime area of 118, 813 sq km in the Bay of Bengal, he said.

Bangladesh is the current President of the Council of the International Seabed Authority and also the Vice-Chair of Indian Ocean Rim Association while Dhaka is scheduled to assume the charges of Chair of the association in October 2021.

Deputy education minister Barrister Mohibul Hasan Chowdhury attended the programme as the special guest while East West Center, Hawaii president Dr Richard R Vuylsteke, secretary maritime affairs unite of foreign ministry Rear Admiral Md Khursed Alam (retd) and Vice Chancellor of BSMRMU Rear Admiral M Khaleq Iqbal spoke, among others.