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Blue economy is an economy of the future: Experts

  • Staff Correspondent
  • 24 November, 2022 12:00 AM
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Experts from India, Egypt, UAE and Russia said the blue economy is an economy of the future.

They emphasised its global and cross-border nature and the unique opportunity to become a platform for cooperation between governments, businesses and academia.19 hours agoLeading int’l experts termed blue economy as economy of the future, said a press release.

Experts made the observation while speaking at the roundtable titled ‘Blue Economy: Government, Business, and Science for a Sustainable Future’, organised on Tuesday during Atomexo 2022 being held in Sochi of Russia.

The roundtable was participated by the experts from India, Egypt, UAE and Russia.

They discussed outlook and challenges for the development of the ocean economy.

Speakers underpinned ocean economy’s global and cross-border nature, and opined that it could become a platform for cooperation between the government, business, and science. 

The "Blue Economy" includes traditional and emerging industries like shipping, port infrastructure, shipbuilding and ship repair, marine construction and dredging, offshore gas and oil production, marine R&D and education, fishing and seafood processing, etc.

The assets of the world ocean are estimated to be worth US$25 trillion. The "Blue Economy" supports lives of more than 3 billion people and is the 7th largest economy in the world which is growing annually and is expected to reach US$ 3 trillion by 2030.

Natalia Stapran, Director, Department of Multilateral Economic Cooperation and Special Projects of Russia’s Ministry of Economic Development, and Nikolai Shabalin, Executive Director of Lomonosov Moscow State University Marine Research Center, discussed on issues of international cooperation in the field of "Blue Economy", environmental management of marine areas, financing and digital aspects of water projects.

Mohamed Ahmed Said, Professor of Physical Oceanography of the National Institute of Oceanography and Fisheries (Egypt), spoke about the experience of Egypt and other African countries in the field and shared the most important aspects of the development of the "blue economy".

Rudra Prasad Pradhan, Associate Professor, Department of Humanities and Social Sciences of the Birla Institute of Technology and Science, India spoke about the experience of India, one of the pioneers in the development of the "Blue Economy". 

Raj Jit Singh Wallia, Deputy Chief Financial Officer of DP World (UAE), said "The priorities of DP World, which contributes a lot in the development of the "Blue Economy", includes safeguarding ocean health, preventing pollution, and protecting biodiversity."

The round table was organised by Rusatom Cargo, Rosatom's logistics integrator.