Big Potential of "Blue Economy", Innovators in ASEAN are Challenged to Contribute

In an effort to address environmental issues and strengthen the blue economy, ASEAN, together with Japan and UNDP, officially launched "ASEAN Blue Economy Innovation".

Blue economy ais an economic approach that utilizes marine resources sustainably for inclusive economic growth, including industries such as fisheries, tourism, renewable energy and maritime transportation. The aim is to ensure a balance between the use of marine resources with environmental protection and the welfare of local communities.

The launch event, held at the ASEAN Secretariat in Jakarta, marked a step forward in harnessing the region's extraordinary maritime potential, which is estimated to reach a market value of up to $2,5 trillion per year or five percent of the global economy.

This project aims to facilitate innovation in the management of marine and freshwater ecosystems, through three main activities: ASEAN Blue Innovation Challenge, Incubation Program, and Business Meeting (Business Matchmaking).

A total of 60 selected innovators from ten ASEAN countries and Timor Leste will have the opportunity to receive financial support of up to $40,000.

In addition to financial support, innovators will also receive mentoring for six months to develop and commercialize their solutions. This project also provides an opportunity for the winning team to present their innovation to the business community, investors and financiers, which opens up access to investment in the blue economy sector.

In his opening speech, ASEAN Secretary General Kao Kim Hourn emphasized that this initiative is very strategic in supporting the implementation of the ASEAN Blue Economy Framework.

"This is a step forward for ASEAN to utilize the blue economy for sustainable and inclusive regional development," said Kim.

Registration for ASEAN Blue Innovation Challenge will still be open until the end of May 2024. This initiative is not only expected to strengthen regional cooperation and economic integration, but also to become a catalyst in marine conservation efforts in the Southeast Asia region.