Blue Economy of Maritime Nations in South Asia: Challenges and Prospects.

The blue economy is the development of sustainable economic growth preserving the marine ecosystem. The concept of a blue economy emerged after the UN Rio+20 conference held in Rio de Janeiro in 2012. South Asian maritime nations are facing serious economic problems. They all have excessive oceanic resources and different maritime economy sectors like shipping, coastal tourism, fishing, etc. This research explores the challenges which are associated with these maritime economy sectors of South Asian littoral states. This study also intends to find out the possible options available to earn more through the maritime sectors to improve their current social and economic conditions. A case study design has been used in this research. Interviews have been conducted from maritime experts for this case study. India is the largest South Asian country in terms of population and technological advancements. It is investing a lot in the tourism and shipping sector to become a strong blue nation. Pakistan's blue economy sectors have vast potential, but there is a need to formulate favorable policies and considerable investments to utilize all these resources. Bangladesh is putting positive efforts toward sustainable development in the coastal tourism, fishing, and shipping sectors. Maldives is famous for the best beaches and tourist destinations. Sri Lanka's maritime economy sectors have faced many ups and downs, which affected her blue economy growth. This research concludes that the future of maritime South Asian states is related to the development of the blue economy. All these littoral states should work together and find out strategies for regional development. [ABSTRACT FROM AUTHOR]