Prof. Syed Ahsanul Alam:
Bangladesh is currently navigating economic challenges, including political instability and a declining economy. However, remittance inflows have shown a positive trend, with migrant workers sending home $2.25 billion in May 2024, marking a 33.23% increase compared to May 2023. Which is still in the rise.
To strengthen the country’s economic foundation, Nobel laureate Professor Muhammad Yunus has the opportunity to focus on developing Bangladesh’s blue economy. The maritime sector offers significant potential, encompassing areas such as fisheries, maritime trade, energy, and tourism. According to the Ministry of Foreign Affairs, 26 maritime economic functions have been identified for the development of the blue economy in Bangladesh.
Collaborating with international development partners can provide the necessary technological and financial assistance for this endeavor. For instance, the United Nations Development Programme (UNDP) has explored sustainable blue economy initiatives in Bangladesh, highlighting the potential for harnessing ocean resources while meeting social needs.
However, it’s crucial to consider the geopolitical context. China’s increasing influence in the region, particularly in neighboring countries like Nepal, Bhutan, Maldives, Sri-Lanka & Pakistan, adds complexity to maritime development efforts. Therefore, any initiatives in the blue economy should be pursued with a comprehensive understanding of these geopolitical dynamics to ensure sustainable and conflict-free progress.
By focusing on the blue economy, Professor Yunus can contribute to building a robust economic foundation for Bangladesh, leaving a lasting legacy that future generations will remember and appreciate.
Author: Prof. Syed Ahsanul Alam, Geopolitical Economist.
