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Indonesian Minister of National Development Planning Suharso Monoarfa speaks at the ASEAN Blue Economy Forum 2023. (Source: Antara)
At the ASEAN Blue Economy Forum 2023 in Tanjung Pandan, Bangka Belitung Islands (Indonesia) earlier this week, Indonesian Minister of National Development Planning Suharso Monoarfa said that the blue economy has the potential to become a new “growth engine” in ASEAN.
“ASEAN needs a new growth engine to promote the prosperity of its people,” the Indonesian minister said.
According to Mr. Monoarfa, despite the fact that ASEAN GDP increased by 10.3% during 2016-2021, green economy can be applied to improve the economy of ASEAN members, especially for low- to middle-income members.
In 2021, Cambodia, Laos, Myanmar, the Philippines and Vietnam are the five ASEAN countries with lower-middle income status. In addition, three countries in the upper-middle income group - Indonesia, Malaysia and Thailand - have remained stuck in middle-income status for the past 13 years. Only Brunei and Singapore have reached high-income status.
“The transition to a blue economy provides an opportunity to encourage ASEAN countries to grow their GDP while supporting the achievement of the Sustainable Development Goals (SDGs) in ASEAN,” said Mr. Monoarfa.
The blue economy is not only a joint effort of ASEAN member countries to reduce the impact of Covid-19 but also a new “growth engine” of ASEAN.
As ASEAN Chair 2023, Indonesia is committed to achieving the ASEAN blue economy framework as one of the priority economic outcomes by 2023.
ASEAN waters account for 2.5% of the world's oceans. In addition, Southeast Asian waters contribute 15% to the global fishing industry and 625 million people work in marine-related sectors.
“The Organisation for Economic Co-operation and Development (OECD) estimates that the value-added output of the global ocean economy will double in 20 years, from US$1.5 trillion in 2010 to US$3 trillion in 2030,” Mr. Monoarfa added.
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