"Blue Economy is the most underestimated and least utilized economic sector, yet it is also the area with the greatest potential. It is time to awaken the 'sleeping giant.'"
On the 29th, at the 10th Our Ocean Conference (OOC) forum held at BEXCO in Busan, members of various national assemblies, journalists, and entrepreneurs attended to discuss sustainable oceans and ocean-based economies. Blue Economy refers to a system that promotes economic and social growth by utilizing marine resources sustainably while preserving marine ecosystems.
The panel discussion was chaired by Charles Goddard, Editor-in-Chief of The Economist Impact, with attendees including Kim Sang-hyup, Secretary-General of the Global Green Growth Institute (GGGI), environmental activist Barca Mozae, former Greek Member of Parliament Dionysia Theodora Avgerinopoulou, and Thor Sigfússon, founder of the Iceland Ocean Cluster. The attendees shared various case studies from diverse sectors such as marine tourism, eco-friendly shipping, fisheries, and marine infrastructure, while discussing the institutional foundations and policy environments that support them.
Kim Sang-hyup, the first speaker, noted, "The marine economy is still underutilized," adding, "How to awaken the 'sleeping giant' is the key." He emphasized that rather than exploiting or monopolizing resources, an approach based on recovery is needed and that international leadership and norm-setting are essential for this.
Environmental activist Mozae warned, "Since 2021, factors harming the environment have increased by 55%," stating that "a serious red light has already been turned on for people who depend on the sea for their livelihoods." He urged that communities with a high understanding of marine issues should participate in the policy-making process to present policies reflecting local knowledge and experience, stressing that Blue Economy should no longer be regarded as a "luxury" but recognized as the key to economic recovery.
Former parliamentarian Avgerinopoulou stated, "There are analyses suggesting that sustainable marine investments could yield economic effects of over $20 trillion," covering various industries including fisheries, ports, tourism, energy, and transportation. In fact, Greece is promoting eco-friendly transportation and tourism, eliminating illegal fishing, providing alternative income sources for fishermen, and expanding sustainable aquaculture.
Thor Sigfússon, founder of the Ocean Cluster, remarked, "Most people are not well aware of Blue Economy, but there are plenty of diverse projects possible in the fishing industry," introducing innovative business cases that utilize fish waste. Examples include beverages, pharmaceuticals, oils, and bandages made from the skin and organs of cod by collaborating fishermen and corporations. He noted, "In the past, the government led the way, but now startups are leading Blue Economy," adding that "corporations need to realize the economic value of Blue Economy."