Economic freedom of Bangladesh: Contribution of Bangladesh Navy

Constant patrolling by the Bangladesh Navy guarantees absolute safety for the sea trade. Photo: ISPR

Since its independence, Bangladesh has experienced significant economic growth and was elevated to a lower-middle-income country in 2015. Bangladesh now has the fastest-growing Asia-Pacific economy and aspires to become an upper-middle-income country by doubling the per capita income and reducing poverty. 

Furthermore, as economic emancipation is a fundamental goal for Bangladesh to achieve sustainable development, reduce poverty, and be recognised globally as a developed nation, Bangladesh must utilise and manage its resources meticulously. 

Besides economic emancipation, Bangladesh needs to achieve economic freedom, where it will be able to make economic decisions without undue interference or restrictions from any country and participate in free-market activities. 

According to the 2024 Index of Economic Freedom, Bangladesh's score is 54.4 out of 100 and is considered a 'mostly unfree' economy, lower than the regional average. Bangladesh must create a conducive environment or remove undue restrictions to achieve greater economic freedom so that individuals or businesses can boom, reduce poverty, and distribute resources equitably. 

Bangladesh's vast maritime domain has immense marine resources, and the sea is vital for global trade and commerce. As land resources are limited, Bangladesh relies heavily on sea resources for sustainable development. 

Bangladesh Navy (Bangladesh Navy), being the nation's maritime guardian. and a key player in the Blue Economy, plays a crucial role in this process by providing security, stability, and growth, thus facilitating economic freedom in Bangladesh. 

Maritime sovereignty and security are vital to enhancing a maritime nation's economic development, and a secured maritime environment significantly opens the market for international trade and investments. Besides the government initiatives to simplify regulations to attract local and foreign investment, a secure maritime environment can help substantially thriving businesses in Bangladesh. 

Therefore, a 710 km long shoreline and an Exclusive Economic Zone (EEZ) of 1,21,110 square kilometres in the Bay of Bengal are two areas that need to be protected by the Bangladesh Navy. 

On the other hand, the Bangladesh Navy can strengthen the country's economic interests by eliminating illegal activities like piracy, armed robbery, petty thefts, smuggling, and IUU (Illegal, Unreported and Unregulated) fishing in the sea areas of Bangladesh and ensuring equitable resource distribution. 

The importance of the seas and oceans has increased manyfold with the increased global economic activities. At the same time, humanity's dependency on the sea has also multiplied because of the sudden increase of marine resources and trade & commerce. Bangladesh is also not an exception. 

Maritime trade is the core of Bangladesh's economy, as about 90% of the country's exports and imports occur through the sea. Constant patrolling by the Bangladesh Navy guarantees absolute safety for the sea trade and provides security for maritime infrastructure like Chattogram, Mongla, and Payra port facilities. 

Bangladesh Navy's involvement in providing maritime security and direct participation in port operations has increased Bangladesh's economic activities in many folds, which is one of the critical success factors for achieving national economic freedom. 

The Bay of Bengal is a storehouse of many minerals and aquatic fish, oil, and gas sources. The Bangladesh Navy is responsible for guarding these resources against illegal exploitation by foreign vessels. Furthermore, it is one of the partners that aid in sustainable resource management by implementing various measures at sea adopted by the government that benefit sectors such as fisheries and offshore energy. 

The Bangladesh Navy, therefore, ensures a conducive environment at sea that will thrive and contribute significantly to achieving Bangladesh's economic freedom, creating more maritime sector jobs and alleviating unemployment for the large population of Bangladesh. 

The Blue Economy is the linchpin for Bangladesh's economic independence. Bangladesh Navy has a big hand in spearheading this strategic vision. The Navy has a variety of steps to move the vision of blue economy development to the next stage. Some of them are research, exploration, and environmental protection, enabling the sustainable development of Bangladesh's fishing and aquaculture, tourism, and renewable energy sectors. 

Coastal areas of Bangladesh are highly vulnerable to natural disasters, and marine accidents occur at regular intervals. 

The Bangladesh Navy's rapid response saves lives and infrastructure during cyclones, floods, tidal surges, and marine accidents. It also minimises economic losses and ensures the continuity of livelihood activities, particularly in vulnerable coastal communities and seafarers. 

Again, the navy contributes to maritime and coastal infrastructure development through initiatives such as the modernisation of ports, the establishment of naval bases, and the development of shipbuilding facilities like Khulna Shipyard and Chattogram Dry Dock, strengthening its operational capacity and the national economy. These projects generate employment, stimulate industrial growth, and save foreign currencies, contributing to GDP growth and increasing Bangladesh's export revenues. 

Furthermore, Bangladesh Navy actively fosters regional cooperation and maritime diplomacy through joint exercises, training, symposiums, and goodwill missions. 

Bangladesh is an active member of BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation), IONS (Indian Ocean Naval Symposium), and the Indian Ocean Rim Association (IORA) to make the Bay of Bengal safer for seafarers, foster Blue Economy initiatives, disaster management, poverty alleviation, human resource development, and add more prospects for the economic development of the country by ensuring collective security measures against piracy and other criminal activities and promoting trade. 

These activities enhance Bangladesh's global image, encourage foreign investment, and facilitate collaborative efforts in maritime development. 

The Navy's rigorous training programs produce highly skilled personnel contributing to the military and civilian sectors. A good number of Bangladesh Navy's retired personnel are in transition into roles in shipping, logistics, and other industries, strengthening the workforce and enhancing the economic productivity of Bangladesh. 

On the other hand, because of the Bangladesh Navy initiative,  Bangabandhu Sheikh Mujibur Rahman Maritime University (BSMRMU) started its journey with the approval of the government of Bangladesh to promote higher education and skill development. This university has created universal access to quality education to develop a skilled workforce for the maritime sector. 

The Bangladesh Navy is not just a military force but a catalyst for the economic emancipation of Bangladesh. 

The Bangladesh Navy plays a vital role in building a strong, self-reliant, and prosperous Bangladesh by ensuring maritime security, promoting sustainable resource utilisation, supporting infrastructure development, fostering regional cooperation, and providing quality education to develop a skilled workforce. 

Its contributions to the Blue Economy, human resource development, and disaster resilience are crucial as the nation strives to achieve its development goals and establish itself as a middle-income country. By following these strategies, Bangladesh Navy contributes significantly to achieving economic freedom in Bangladesh, which benefits all of society. 

Captain Mohammed Masudur Rahman Zahid, (N), BCGMS, afwc, psc, BN is an officer of the Bangladesh Navy. 

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.