Review on opportunities, constraints and challenges of blue economy development in Bangladesh

The paper elucidates the major opportunities of economic sectors to the development of blue economy and highlights the constraints in achieving this goal in Bangladesh. The productive economic sectors of blue economy are emphasised and considered in harnessing the full utilization of ocean based resources within the present maritime boundary of Bangladesh. If these oceans based resources are managed by proper planning and inter-sectoral coordination of public-private partnership and investment, it will certainly generate strong foundation for earnings and economic benefits under the
approach of blue economy. On the other hand, if marine based economic resources with potential sectors be managed and governed by principles of biodiversity protection, conservation and efforts for care are intertwined with a vision of scientific understanding, and then the blue economy can create some opportunities to resolve the issues of climate changes at the coastal areas. It might also generate jobs and bring about tangible changes in the lives and livelihood of the millions of people living along the coastline, in islands and across Bangladesh. A coordinated approach with concerned stakeholder’s groups is required to determine the extent to which the constraints mentioned in the discussion section can be turned into opportunities, and to ensure that development of the blue economy does not result in unsustainable and damaging practices for the benefit of short term economic gains over longer terms sustainable economic and social benefits. In particular, for Bangladesh, this involves developing a maritime/marine spatial planning directive to detail coordination between blue economy sectors and stakeholders to ensure
sustainable development.