Latest news with #blueeconomy
Arab News
3 days ago
- Business
- Arab News
Pakistan to set up maritime chamber to boost blue economy, promote greener ports
KARACHI: The Pakistan government on Saturday announced the creation of a new Maritime Chamber of Commerce and Industry (MCCI) to promote sustainable development in the country's coastal and marine sectors, saying the initiative would help strengthen the country's blue economy while addressing rising climate risks at its ports. Addressing the Pakistan Business Council Forum, Federal Minister for Maritime Affairs Junaid Anwar Chaudhry said Pakistan's coastal zones were increasingly exposed to environmental challenges such as rising sea levels, extreme weather events and marine degradation. The new chamber, he noted, would serve as a specialized platform for uniting stakeholders from across the maritime spectrum to pursue greener policies and long-term economic resilience. 'This chamber will not only support investment and innovation in the maritime sector but also prioritize sustainability at ports, promote green technologies and foster carbon reduction strategies,' he told the participants of the forum. Pakistan is striving to strengthen blue economy by ensuring the sustainable use of ocean resources for economic growth, jobs and ecosystem health. This requires the authorities to enhance the potential of its ports, fisheries, logistics and marine services while reducing environmental harm. The new chamber is expected to provide a unified institutional voice for sectors ranging from shipping to coastal tourism, helping to align business incentives with climate adaptation goals. Pakistan has been pushing to modernize its port infrastructure and expand its role in regional trade by improving cargo handling, digitalizing port operations and encouraging public-private partnerships. The country has also invited landlocked Central Asian states to use its ports to access global markets, aiming to position itself as a regional trade hub. The Pakistan Business Council welcomed the announcement, calling the new chamber a critical step toward building a climate-resilient and economically vibrant maritime economy.
South China Morning Post
7 days ago
- Business
- South China Morning Post
South China Sea tensions ‘won't stop' Asean's blue economy growth, official says
Southeast Asia's plans to grow its blue economy – especially its fisheries sector – will not be hindered by tensions in the South China Sea , according to a senior Asean official, despite warnings from observers that ongoing maritime disputes with China could threaten the region's economic and environmental progress. Satvinder Singh, deputy secretary general of the Asean Economic Community, said disputes involving claimant states such as the Philippines and Vietnam would not hamper the bloc's efforts to grow the industry as part of a broader push to become the world's fourth-largest economy before 2045. 'Fisheries are one of the key sectors in the blue economy for the region,' Singh said at a Friday media briefing on the Asean Community Vision 2045 and the bloc's coming economic strategic plan. 'Those specific incidents that happen in the South China Sea are not going to stop the industry from progressing.' The blue economy – which encompasses maritime industries such as fisheries, tourism, offshore energy and marine transport – is a key component of the Association of Southeast Asian Nations ' push for sustainable development. According to Singh, it sits alongside other major regional initiatives, including the Asean Strategy for Carbon Neutrality and frameworks focused on circular economies, agriculture, energy and transport. Fishermen pull a net onto a beach in Banda Aceh, Indonesia. The blue economy is a key component of Asean's push for sustainable development. Photo: AFP Singh confirmed that the implementation plan for the Asean Blue Economy Framework, adopted in 2023, would be completed this year. The framework outlines regional cooperation on a sector projected by the United Nations Development Programme to generate US$3 trillion in economic value and 43 million jobs by the end of the decade.
Zawya
27-05-2025
- Business
- Zawya
Hong Kong at Maritime Crossroads: New Studies Reveal Unprecedented Opportunity for Kickstarting the Blue Economy
HONG KONG SAR - Media OutReach Newswire – 27 May 2025 - In a rare convergence of economic and environmental expertise, three landmark studies released today by ADM Capital Foundation, HKUST and WWF-Hong Kong, presenting a transformative vision—Hong Kong can reinvent itself as Asia's premier blue economy hub. The reports— Port 1.0 to Port 2.0 (HKUST), Blue Finance for a Blue Economy (ADMCF), and Valuing the Invaluable Blue (WWF-Hong Kong)—all agree that the city has a unique opportunity in this moment, wherein: Global shipping reforms are creating openings for blue finance leadership Port redevelopments can integrate ecological and economic value Marine ecosystems, long undervalued, are essential to regional prosperity and resilience Global shipping reforms – IMOs net zero emission and carbon pricing mandate will force fleet upgrades, fuel transitions and new financial risks. In parallel, the UN has announced an ambitious biodiversity framework to be achieved by 2030. Hong Kong, itself, is striving to re-assert itself as a maritime powerhouse. This alignment, the authors propose, creates an unprecedented opportunity to transform the city into Asia's sustainable blue economy leader. At the heart of this transformation lies 'Port 2.0' – a visionary reimagining of Hong Kong's waters as a multifunctional interface that connects sea, land, city, technology and people, and serve as platforms for innovation, environmental stewardship and civic life. " What makes this moment truly extraordinary is how these elements intersect with Hong Kong's unique advantages. Our world-class financial ecosystem can mobilise the billions needed for maritime decarbonisation. Our strategic location positions us as the natural hub for green shipping business in Asia. And our existing port infrastructure provides the ideal testing ground for innovative solutions." said Christine Loh, Chief Development Strategist, Institute for the Environment at HKUST and author of the paper "From Port 1.0 to Port 2.0: Hong Kong's Next Leap to Evolving a Blue Economy Vision". Hong Kong's status as the world's third-largest capital hub gives it unmatched potential to pioneer blue finance. As ADMCF's Blue Finance report highlights, instruments such as blue bonds can mobilise capital to facilitate port decarbonisation, sustainable aquaculture and marine eco-tourism—transforming the city into Asia's premier blue economy hub, aligning marine protection with economic prosperity. In 2023 there was a surge in blue bonds followed by continued growth in 2024, and Asia was the largest issuing region—led by China. "If Hong Kong were to issue blue bonds, this would not only signal the city's commitment to improving its status as a leading international maritime hub but also accelerate the growth of blue finance, ensuring a future where economic prosperity and marine resilience go hand in hand," said Kate Martin, the report's lead author and sustainable finance consultant with ADMCF. This untapped potential aligns with the groundbreaking research in Valuing the Invaluable Blue. The WWF-commissioned study by the Chinese Academy of Sciences has, for the first time, quantified the staggering monetary value of the Greater Bay Area's coastal ecosystems—revealing a Gross Ecosystem Product (GEP) worth RMB 4.9 trillion, equivalent to over 35% of the GBA's GDP, with 73% contributed by marine ecosystems. " This valuation demonstrates our marine ecosystems' critical, yet often overlooked, economic contributions," said Lydia Pang, Head of Oceans Conservation at WWF-Hong Kong. " From climate regulation to disaster mitigation, these natural systems provide services worth over one-third of our regional GDP - services that should be factored into development decisions and anchor blue economy planning," she said. " What's more, our study shows that Hong Kong is uniquely positioned to adopt this ecosystem accounting framework. With strong data foundations, policy alignment, and technical readiness, we can localise and institutionalise marine GEP accounting to guide planning, investment, and conservation." The authors' combined focus on a blue economy vision integrates port development with marine conservation, biodiversity, climate resilience, recreation and the responsible use of ocean resources. It builds on China's decades of marine policy leadership, where comprehensive frameworks - from ocean GEP systems to blue finance instruments - have laid the foundation for sustainable maritime development. "The window to developing a sustainable blue economy and to establish ourselves as the global leader in sustainable maritime commerce is open now, but won't remain so indefinitely." Said Sophie le Clue, CEO at ADMCF. "The question isn't whether we can seize this opportunity, but whether we will." Hashtag: #ADMCapitalFoundation The issuer is solely responsible for the content of this announcement. ADM Capital Foundation
Jordan Times
21-05-2025
- Business
- Jordan Times
Aqaba: A New Investment Hub and Economic Growth Driver
The Jordanian government has made an important move to support investment in Aqaba. It introduced a set of new decisions to turn the city into a key part of the country's economic growth. This fits with Jordan's Economic Modernization Vision (2022–2033) and the city's development plan. The new decisions include a smart mix of support for real estate, tourism, and education. These steps aim to attract investors and retirees from Jordan and other countries, helping them settle in Aqaba for the long term. This is especially important now, as the Jordanian economy is facing slow growth and weak private investment. Aqaba can help restart the economy in areas that bring high value. In real estate, the government is offering more than just tax cuts or help with bringing in cars or furniture. It's also offering long-term residency for those who invest a certain amount. This shows a shift toward attracting serious, long-term investors rather than short-term visitors. Focusing on residential compounds helps organize housing projects and makes Aqaba more competitive in the region. The city currently has 1,100 available housing units, and 1,200 more are planned. These changes are expected to boost the quiet housing market and encourage new real estate projects. The plan also includes launching research and education projects in southern Aqaba. For example, coral farming and marine science labs will be set up. This supports the 'blue economy,' a growing sector that can attract international funding and offer long-term economic benefits. Making the southern coast a center for research and learning will give Aqaba a stronger position as a place of knowledge and innovation. It also helps create new, high-quality jobs in fields like marine engineering, environment, and science. The government also wants to attract wealthy Arab and foreign retirees by offering special benefits for owning property and providing good services. These retirees usually have strong finances and can support the local economy, including health care, services, and retail. In short, these decisions show a clear plan to attract investment using financial and legal tools, without hurting public finances. This is a realistic and smart way to support long-term growth. These incentives come at the right time. Aqaba has many advantages—its location, infrastructure, and special laws. If these plans are supported by good marketing and easy procedures, Aqaba could become a top regional center for investment, living, tourism, and research. This would help Jordan grow its economy, create jobs, and reach its future goals. Raad Mahmoud Al-Tal is head of Economics Department – the University of Jordan – [email protected]
