The government has set aside Tk100 crore for the development of the blue economy in the upcoming fiscal year, aiming to harness the potential of marine resources and ensure their sustainable use.
Proposing this allocation, Finance Minister Abul Hassan Mahmood Ali emphasised the importance of research and development activities within the blue economy sector.
On Thursday, the Finance Minister presented a Tk9.97 lakh crore budget proposal for the fiscal year 2024-25 in the National Parliament.
In his budget speech, the Finance Minister mentioned that the existing 'Offshore Model-PSC 2019' has been enhanced to create the 'Bangladesh Offshore Model Production Sharing Contract (PSC) 2023,' ensuring that national interests are safeguarded while considering production-sharing agreements with neighboring countries. Under this new contract, the 'Bangladesh Offshore Bidding Round-2024' has commenced, inviting international companies to explore and extract oil and gas in 9 shallow and 15 deep-sea blocks.
He expressed hope that the PSC for both shallow and deep-sea blocks would be signed within this year. The Blue Economy Cell, under the Ministry of Power, Energy, and Mineral Resources, is coordinating with relevant ministries and departments to ensure optimal utilisation of marine minerals and other resources.
Considering the importance of marine resource extraction and its fair utilisation, the finance minister proposed an allocation of Tk100 crore for research and development activities in this sector.
