This paper elucidates the major opportunities of economic sectors to the development of blue economy and highlights the constraints in achieving this goal in Bangladesh. The productive economic sectors of blue economy are emphasised and considered in harnessing the full utilization of ocean based resources within the present maritime boundary of Bangladesh. If these ocean based resources are managed by proper planning and intersectoral coordination of public-private partnership and investment, it will certainly generate strong foundation for earnings and economic benefits under the approach of blue economy. On the other hand, if marine based economic resources with potential sectors be managed and governed by principles of biodiversity protection, conservation and efforts for care are intertwined with a vision of scientific understanding, and then the blue economy can create some opportunities to resolve the issues of climate changes at the coastal areas. It might also generate jobs and bring about tangible changes in the lives and livelihood of the millions of people living along the coastline, in islands and across Bangladesh. A coordinated approach with concerned stakeholder's groups is required to determine the extent to which the constraints mentioned in the discussion section can be turned into opportunities, and to ensure that development of the blue economy does not result in unsustainable and damaging practices for the benefit of short term economic gains over longer terms sustainable economic and social benefits. In particular, for Bangladesh, this involves developing a maritime/marine spatial planning directive to detail coordination between blue economy sectors and stakeholders to ensure sustainable development.

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Development of a blue economy is firmly embedded in the development plans of Bangladesh. Advances in freshwater aquaculture have promoted Bangladesh to the fifth largest fish producer in the world. However, the marine resource base of Bangladesh, which is now even greater following the recent settling of disputes regarding maritime boundaries with neighbouring countries, lends itself to the development of marine aquaculture—known as mariculture. Several potential areas and opportunities for mariculture development have been identified for implementation under the concept of blue economy development in Bangladesh. We identify the most promising fish species as the hilsa shad (Tenualosa ilisha), seabass (Lates calcarifer) and the grey mullet (Mugil cephalus), and the shrimp species as black tiger shrimp (Penaeus monodon), brown shrimp (Metapenaeus monoceros), Indian white shrimp (Penaeus indicus) and the mud crab (Scylla serata). Further, some non-traditional marine species like seaweed, microalgae, shellfish (mussel, oyster) and the sea cucumber offer considerable potential. However, there remain major challenges and constraints that need to be addressed in order for mariculture to further develop and contribute to a growing blue economy in Bangladesh. Most notably, ministries, departments and research institutions, along with interested private entrepreneurs, must collaborate to formulate strategies for effective development and implementation, so that mariculture can contribute to food security and economic development through export opportunities.

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Fisheries and the aquaculture sector can play a significant role in the achievement of several of the goals of the 2030 Sustainable Development agenda. However, the current COVID-19 situation can negatively impact the fisheries sector, impeding the pace of the achievement of development goals. Therefore, this paper highlighted the performance and challenges of the fisheries sector in Bangladesh, emphasising the impact of COVID-19 and the significance of this sector for achieving the Sustainable Development Goals (SDGs), through primary fieldwork and secondary data. The total fish production in the country has increased more than six times over the last three decades (7.54 to 43.84 lakh MT) with improved culture techniques and extension services. Inland closed water contributions have increased to 16%, while inland open water has declined to 10%, and marine fisheries have dropped to 6% over the past 18 financial years (2000–2001 to 2018–2019). COVID-19, a significant health crisis, has also affected various issues associated with aquatic resources and communities. Transportation obstacles and complexity in the food supply, difficulty in starting production, labour crisis, sudden illness, insufficient consumer demand, commodity price hikes, creditor’s pressure, and reduced income were identified as COVID-19 drivers affecting the fisheries sector. The combined effect of these drivers poses a significant threat to a number of the SDGs, such as income (SDG1), nutrition (SDG2), and food security (SDG3 and SDG12), which require immediate and comprehensive action. Several recommendations were discussed, the implementation of which are important to the achievement of the SDGs and the improved management of the aquatic sector (SDG14—life below, and SDG16—life above water).