Prospects and Challenges of Blue Economy in the Bay of Bengal

The Blue Economy is a recurrent theme among Bay of Bengal stakeholders. The tussle between environmental sustainability and growth imperative is a domain that the national governments of the region should address through urgent policy initiatives. Marine governance has to take cognizance of rising opportunities and challenges the Bay waters offer while nurturing government-to-government contact at national and sub-national levels. This session will shed light on the following:

• Leveraging Fisheries industry for coastal development
• Diversifying the Livelihood options through Blue Economy
• Enhancing economic development through marine tourism
• Significance of advanced Smart ports for marine logistics
• Coastal renewable resources and green energy
• Challenges of Seabed mining

Towards Enhanced Energy Cooperation in the Bay of Bengal

Closer and diversified energy cooperation is key to enhancing economic growth for the countries in the Bay of Bengal. With increased exploration and extraction underway in the region, possibilities for enhanced energy cooperation amidst emerging geopolitical realities in this part of the world need to be discussed. Blessed with abundance of natural resources in the inland and offshore areas of the Bay, uninterrupted flow of energy at affordable prices is important for the region’s growing energy demands. Therefore, it is imminent that the littoral countries diversify energy cooperation beyond bilateral trade of electricity and oil which are the dominating components of energy trade currently in the region.This session will explore the following areas:

• energy diplomacy
• prospects of grid interconnection
• the pertinence of the Bay of Bengal region as a conduit of seaborne energy trade.

Fostering Regional Development through Trade and Investment

Situated at the global crossroads of international flow of trade, Bay of Bengal has emerged as a prominent subregion globally. The region’s economic future belies immensely on the opportunities it would capitalise on.  Infrastructure development and employment of advanced technologies would enable streamlining such opportunities. Efforts to integrate the Bay of Bengal as a commercial hub are underway with focus both on multilateral and bilateral arrangements within the region. Further, governments and experts must take cognizance of pertinent areas like maritime infrastructure and trade, identification and incentivising key industries, as well as exploring the scope for regional economic integration. This session will delve into the areas of:

• Pertinent of Bay of Bengal in global supply chains
• Developing Smart ports and quality maritime infrastructure
• Commercial corridors in the region
• Connectivity and investment opportunities
• Security of Sea Lanes of Communication

Harnessing Cooperation for Environmental Sustainability in the Bay of Bengal

This session will focus on the challenges posed by Climate Change and consequent rising sea levels on the political economy and security of the Bay of Bengal. Rapid exploitation of resources, unsustainable farming and fishing practices as well as pollution are anthropogenic activities that challenge the stability and prosperity of the Bay of Bengal. They are also counterintuitive in the fight against climate change which adversely threatens the livelihood and lives of the littoral communities in the region.  The session is intended to address the issue areas that threaten environmental sustainability by strengthening consensus for regional cooperation in the Bay of Bengal.

The session will discuss the following areas:

• climate change and rising sea levels
• plastic pollution and marine debris
• overfishing, IUU fishing, deep sea trawling
• food and water security
• Natural disasters and early prevention warning

Addressing Human Security Challenges through Institutional Mechanisms

The tumultuous security situation in the Bay of Bengal has serious repercussions on human security aspects for the communities in the region. It is important that discussions on security architecture in the region must take cognizance of issue matters that render these communities vulnerable and insecure. Political instability, internal conflicts, socio economic crises, pandemics as well as multidimensional poverty pose threats to the sustainable development and peace and stability of the region. Deepening regional cooperation is a way forward to face many such challenges by fostering government to government as well as multilateral level cooperation. 

The session will explore the issue areas of

• Migration and refugee crises
• Human trafficking
• Pandemic
• Forced displacement
• Institutional mechanism
• Counter-terrorism

Emerging Technological Advancements and Innovation in the Bay of Bengal

Accessibility, affordability and productivity of technological advancements in a region is emblematic of its developmental acumen. Plurilateral as well as bilateral cooperation for enhanced partnership in technology and innovation sector would be the key driver for economic development in the Bay of Bengal. It is also necessary that such investments and government-to-government efforts focus on building capacity, transfer of technology, as well as fostering a technology and innovation friendly ecosystem. 

In this context, this session discusses the importance of harnessing emerging technologies for advancements in the Bay of Bengal.