About the project

Partner: International Finance Corporation (IFC)
Project duration: June 2024-On going

The Blue Economy refers to the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health (World Bank, 2017). The oceans can provide a range of goods and services, including food, energy, tourism, and recreation. The total value of ocean assets (natural capital) is estimated at US$24 trillion, and it is the seventh largest economy (based on GDP), as per UNCTAD (2020). The Government of Bangladesh identified that the blue economy offers approximately US$ 16 billion in investment opportunities in 26 potential sub-sectors, including fisheries, maritime trade, shipping, eco-tourism, and biotech. Bangladesh’s 720 km coastline has a high potential for blue economy initiatives. However, most sectors under the blue economy are listed as regulated sectors in terms of having 100% foreign ownership in the National Industry Policy (2016).

Objective of the Study:
International Finance Corporation (IFC), in discussion with key Government stakeholders, has commissioned a study to Arup International Projects Limited and Research and Policy Integration for Development (RAPID) to conduct market scans of selected blue economy sectors/sub-sectors to better understand their private sector opportunities, and identify necessary regulatory and institutional reforms pertinent to establishing an enabling environment for private investments (domestic and foreign) and promoting trade and export in the sectors/sub-sectors.

Project activities

Stakeholder Workshop: Developing an Action Plan for Strengthening Tripartite Social Dialogue Mechanisms

On January 22, 2025, RAPID and AURUP, with support from IFC - International Finance Corporation and SECO, held a Stakeholder Consultation Workshop at Hotel Amari, Dhaka. The session explored private sector investment opportunities, challenges like fragmented policies, and recommendations to harness the Bay of Bengal’s vast potential. The workshop brought together key industry associations, private sector leaders, policymakers, and academics to explore private sector investment opportunities and identify critical challenges.
Prominent associations such as the Bangladesh Marine Fisheries Association (BMFA), Bangladesh Ship Builders Association (BSBA), and Bangladesh Ocean Going Shipowners' Association (BOGSOA) contributed insights on unlocking private investments, overcoming regulatory barriers, and fostering sustainable growth.