Salman F Rahman recently said that Bangladesh should accelerate the process of turning the Bay of Bengal to a hub of economic uplift through proper utilization of marine resources, which will contribute significantly in attaining the cherished double digit GDP growth. After winning the sea area, he said, the present government is providing special attention to utilizing the resources under water to boost up the economy. “The government is implementing different initiatives to explore the potentialities of the blue economy. We hope that investment will also come in blue economy soon,” he added.
Earlier, a total of 11,8,813 square kilometer maritime boundary in the Bay of Bengal was added to Bangladesh after the settlement of longstanding disputes with India and Myanmar.
Connectivity and economic activity are closely related. Asian Development Bank first used the term “economic corridors” in 1998, as a concept for planned development across a geographical space. According to ADB’s theory, an economic corridor has three components -- first is the trade and transport corridor itself, where roads and ports are an integral component, especially in the context of logistics performance, second are the industrial production clusters that produce goods and services, and third are the urban centres that function as major markets and as a source of labour, technology, knowledge, and innovation. The fourth edition of Bay of Bengal initiatives for multi-sectoral, technical, and economic co-operation (Bimstec) was held in Kathmandu, Nepal in August 2018. The main focus of the summit was to increase connectivity between Bimstec nations, including roads, airways, and transmission lines.
Bimstec is the sub-regional group of seven countries in South Asia and Southeast Asia lying in the littoral and adjacent areas of Bay of Bengal. South Asian Association for Regional Cooperation (Saarc) has become ineffective, largely due to non-agreement among member countries on issues like connectivity and counter-terrorism, and everyone has been giving more importance to Bimstec in recent times.
The countries dependent on the Bay of Bengal include littoral and landlocked countries that depend on the Bay of Bengal for maritime usage. Historically, the Bay of Bengal has been a highway of transport, trade and cultural exchange between diverse peoples encompassing South Asia and Southeast Asia. Today, the Bay of Bengal region is the convergence of two major geopolitical blocs- the Association of Southeast Asian Nations (ASEAN) and the South Asian Association for Regional Cooperation (SAARC). The Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation (BIMSTEC) promotes regional engagement in the area.
Earlier, a total of 11,8,813 square kilometer maritime boundary in the Bay of Bengal was added to Bangladesh after the settlement of longstanding disputes with India and Myanmar.
Connectivity and economic activity are closely related. Asian Development Bank first used the term “economic corridors” in 1998, as a concept for planned development across a geographical space. According to ADB’s theory, an economic corridor has three components -- first is the trade and transport corridor itself, where roads and ports are an integral component, especially in the context of logistics performance, second are the industrial production clusters that produce goods and services, and third are the urban centres that function as major markets and as a source of labour, technology, knowledge, and innovation. The fourth edition of Bay of Bengal initiatives for multi-sectoral, technical, and economic co-operation (Bimstec) was held in Kathmandu, Nepal in August 2018. The main focus of the summit was to increase connectivity between Bimstec nations, including roads, airways, and transmission lines.
Bimstec is the sub-regional group of seven countries in South Asia and Southeast Asia lying in the littoral and adjacent areas of Bay of Bengal. South Asian Association for Regional Cooperation (Saarc) has become ineffective, largely due to non-agreement among member countries on issues like connectivity and counter-terrorism, and everyone has been giving more importance to Bimstec in recent times.
The countries dependent on the Bay of Bengal include littoral and landlocked countries that depend on the Bay of Bengal for maritime usage. Historically, the Bay of Bengal has been a highway of transport, trade and cultural exchange between diverse peoples encompassing South Asia and Southeast Asia. Today, the Bay of Bengal region is the convergence of two major geopolitical blocs- the Association of Southeast Asian Nations (ASEAN) and the South Asian Association for Regional Cooperation (SAARC). The Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation (BIMSTEC) promotes regional engagement in the area.
