Bangladesh should tap blue economy: Dutch-Bangla Chamber

Bangladesh should devise mid- and long-term strategies to explore the "blue economy" as the country's maritime resources remained untapped despite the victory against neighbouring countries in the international tribunal on maritime boundaries in 2014.

"Bangladesh's development progress depends on its capacities to explore the untapped maritime potentials after the great victory against Myanmar and India in maritime boundaries. Proper utilisation of the blue economy can contribute substantiality to the national economy," said Md Anwar Shawkat Afser, president of the Dutch-Bangla Chamber of Commerce and Industry (DBCCI) while speaking at the 22nd annual general meeting (AGM) of the DBCCI on Sunday, reads a press release.

As the Netherlands has vast experience in exploring sea sources, Bangladesh can offer the EU country tapping the blue economy on a win-win basis, he added.

Sources said Bangladesh has targeted to increase the contribution of the blue economy to GDP by 9% in 2025 and 10% by 2030. According to some estimates, Bangladesh has $120 trillion-ocean resources which could make Bangladesh an Asian superpower.

In 2014, the International Tribunal for the Law of the Seas verdict gave Bangladesh the sovereign rights to 1,18,813 sq km territorial sea, 200 nautical miles of exclusive economic zone and all kinds of animal and non-animal resources under the 354 nautical miles continental shelf.

With the additional maritime area, Bangladesh found a maximum depth of 2,200 metres at the edge of its maritime boundary.

Md Anwar Shawkat Afser highlighted the upcoming event of DBCCI namely "BIDA-DBCCI Trade and Investment Delegation to the Netherlands 2022". He also mentioned the plan to celebrate the journey of two-decade of DBCCI to attract Dutch investment in Bangladesh.

In the programme, it was informed that the Netherlands overtook China to become the top foreign direct investor in Bangladesh in 2020, which economists described as an "encouraging pattern of investment".

According to Bangladesh Bank data, the country received $2.56 billion in foreign direct investment last year, of which the share of the Dutch investment was $400.21 million (15.61% of the total investment).

The central bank data showed that investors from the Netherlands invested $183.47 million in food processing, $174 million power sector, $12.42 million in cement, $11.25 million in trading, $6.18 million in textile and weaving and $2.23 million in leather and leather goods.

China was the top investor in Bangladesh in 2018 and 2019 when it invested $1 billion and $625.92 million respectively. The Netherlands had the second highest investment in 2018 with $692 million. It invested $192 million the following year, the sixth highest that year.