Blue economy ministry proposed to tap potential

State Minister for Planning Shamsul Alam yesterday proposed creating a new authority – either a ministry or a division under a ministry – to help dedicatedly tap the potential of blue economy. Though the country's maritime disputes were settled in 2014, the private sector is not coming up with investment focusing the immense associated potentials, including fishing, shipping, mineral resources and marine food and tourism, he said. Alam was addressing a seminar titled "Blue Economy and Maritime Security: Bangladesh Perspective" organised by the Bangladesh Institute of International and Strategic Studies (BIISS) on its premises. While small boats are now the prime mode for fishing, fish of higher economic value can be caught at deep sea but this potential is largely untapped, said Khurshed Alam, secretary (maritime affairs) to the foreign ministry. Given Bangladesh's location and international trade, shipping holds enormous potentials. As a deep-sea port is in the offing in Bangladesh, it is high time for the private sector to make new investment, he said. It is crucial to conduct comprehensive studies on different sectors of the blue economy and draw investments, said Khurshed Alam.

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