The Southeast Asian region contributes considerable water mass to the world. More than 66 percent of the area in the Southeast Asian region is dominated by oceans and seas. In fact, seas in ASEAN are predicted to contribute 2.5 percent of the waters of all the world's oceans. Thus, maritime affairs in Southeast Asia have a huge potential to boost the economy in the region.
The high maritime potential amongst ASEAN member countries is closely related to the strategic location of Southeast Asia. A book entitled "A New History of Southeast Asia" (2010), quoted from Kompas.com, mentions that Southeast Asia is close to two oceans, namely the Pacific Ocean and the Indian Ocean.
The Southeast Asian region has also become a hub for continents and countries in Europe, the Middle East, Africa, Australia and New Zealand, South Asia, and East Asia.
However, the question remains: what kind and how huge is the maritime potential amongst ASEAN member countries?
Maritime Potentials in ASEAN Member Countries
The Southeast Asian region has a huge maritime potential and provides many new economic opportunities for ASEAN countries and globally. It is estimated that marine resources can contribute 5 percent of the global economy, with an estimated market value of up to US$2.5 trillion per year.
The creation of new economic opportunities cannot be separated from the potential value of minerals in the oceans. Many minerals are still found on the seabed, namely oil, gas, tin, and bauxite.
On the other hand, the high marine potential in the ASEAN region positively impacts food quality. Moreover, marine potential in Southeast Asia also affects the development of the maritime biotechnology sector in a global constellation.
The optimization of marine potential in the Southeast Asian region will also boost the tourism sector in the region since it can attract foreign tourists to explore various marine tourism destinations.
Blue Economy Boosts ASEAN Economy
Implementing the blue economy is one of the important strategies to improve the ASEAN countries’ economies. The blue economy is considered an effort to optimize economic growth by utilizing marine resources inclusively and sustainably.
Implementing the blue economy can prevent damage to marine ecosystems and be the first step to increasing GDP growth, especially in addressing the middle-income status that is still lingering in several ASEAN countries.
In this way, the development of the blue economy can support sustainable economic development in the region, as well as support initiatives for the sustainability of the ASEAN economic community.
Photo: Shutterstock/Binh Ho image