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BMCCI for sustainable blue economy development authority

WT24 Desk

Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) today urged the authorities concerned to establish a sustainable blue economy development authority to explore economic benefits in the Bay of Bengal,BSS reports.

“The concept of blue economy has opened up a new horizon for economic development of the coastal countries,” said Malaysian High Commissioner in Dhaka Nur Ashikin Mohd Taib while speaking as the special guest at a business luncheon meeting on “Challenges of Implementing the opportunities of Blue Economy in Bangladesh” at a local hotel in the city.

BMCCI organised the meeting while Foreign Secretary (Maritime Affairs) Rear Admiral (Retd) M Khurshed Alam delivered a key note presentation and BMCCI President Syed Moazzam Hossain delivered welcome address.

Nur Ashikin Mohd Taib said the private sector in Bangladesh is gradually getting involved in public-private partnership in sensitive economic sector such as blue economy.

M Khurshed Alam highlighted the challenges of exploring the opportunities of blue economy in Bangladesh and the country has a large deposit of marine resources under the blue ocean in 1,18,813 square kilometer maritime area.

To tap all potentials of blue economy, he said, Bangladesh needs to increase its capacity as well as capability to create skilled manpower.

Syed Moazzam Hossain said formation of a sustainable blue economy development authority is essential for properly tapping all potentials of blue economy to explore economic benefits in the Bay of Bengal like deep sea fishing, tourism, marine transportation and oil and gas exploration.

“We consider blue economy in the context of sustainable development and poverty eradication as one of the important tools available for achieving sustainable development,” he added.

He emphasized that it should contribute to eradicating poverty as well as sustained economic growth, enhancing social inclusion, improving human welfare and creating opportunities for employment and decent work for all while maintaining the healthy functioning of the earth’s ecosystem.

“Blue economy conceptualizes oceans as ‘Development Spaces’ where spatial planning integrates conservation, sustainable use, oil and mineral wealth extraction, bio-prospecting, sustainable energy production and marine transport,” he added.

Among others, members of the BMCCI, presidents of leading and joint chambers of commerce and industry of the country, bankers, government officials, business leaders and media personalities attended the luncheon meeting.

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