BANGLADESH INSTITUTE OF INTERNATIONAL AND STRATEGIC STUDIES

MARITIME VERDICTS AND AVENUES OF RESOURCE EXPLORATION FOR BANGLADESH

Author: Md. Shahidul Hasan

DOI Link: https://www.doi.org/10.56888/BIISSj2014v35n3a3

ABSTRACT

The recent settlement of long-standing maritime boundary dispute with India and Myanmar ushers a new horizon for economic development for Bangladesh through utilising the sea and its marine resources. The judgment, not to mention, bears huge implications in many dimensions. Both the verdicts have removed all encumbrances to go ahead with oil and gas exploration in the blocks therein. This will enable Bangladesh to establish ‘Blue Economy’, an alternative economic model, utilising all its marine resources. The concept of ‘Blue Economy’, can significantly contribute to the economic development of Bangladesh. There is no doubt that sea-related issues like expansion of international trade, use of marine mineral resources for long-term energy security, proper management of marine fish resources and protection of marine environment and bio-diversity would determine Bangladesh’s future development and economic growth. Bangladesh can be benefited only when it can explore and utilise those resources from the sea. Given this backdrop, this paper attempts to discuss maritime dispute and verdict of Bangladesh in a nutshell, analyse the Bay of Bengal as a hub of huge exploration, challenges therein and finally put forward suggestions for exploring enormous opportunities in the newly settled maritime area.