A COMPARATIVE STUDY OF BLUE ECONOMY STATUS AND INITIATIVES BETWEEN BANGLADESH AND CHINA

Abstract

The blue economy is an innovative business model which emphasizes carrying out economic activities in symbiosis with nature. It has gained much attention among many countries aiming to accelerate their economic growth through the sustainable exploitation of marine resources. Bangladesh, the world's largest delta, has also been keen to adopt the concept, especially after winning a large ocean territory through international arbitration. The existing literature on this topic reveals the status of various marine sector and government initiatives. However, where Bangladesh stands regarding blue economic growth and government initiatives from a global perspective still needs to be clarified. This study examines the country's status in the Blue Economy race by comparing it with a pioneering country in this sector, China. The analysis is based on a literature review of both country's blue economies, and a comparison is drawn on various critical aspects of blue economic success. The obtained results are very eye opening as some significant gaps in the Blue Economic effort of Bangladesh are revealed. The main objective of this study has been to generate insightful lessons and put forward inspiring examples that can be locally adapted to uplift the country's position in the blue growth race. Many initiatives taken by China in terms of innovation and policymaking have the potential to be feasible in Bangladesh because of socio-economic and geographical similarities. The paper concludes with key differences in the efforts of both countries and sheds light on the lessons that Bangladesh can consider to become a model for blue economic growth.

Keywords: blue economy, policy, blue growth, governance, maritime