Supported by the Japanese government and the United Nations Development Program (UNDP), this 12-month project aligns with the Association of Southeast Asian Nations (ASEAN)’s Blue Economy Framework. Currently, about 64% of ASEAN's fisheries face significant risks due to overfishing and destructive fishing practices.

Resident Representative of UNDP Indonesia Norimasa Shimomura speaks at the lauch of the ASEAN Blue Economy Innovation Project in Jakarta on May 14.

At the launch, Resident Representative of UNDP Indonesia Norimasa Shimomura highlighted the importance of unity in efforts to harness the blue economic potential in ASEAN. It is necessary to collectively push for transformative solutions, empowering local initiatives, and protecting aquatic ecosystems, he said.

Deputy Secretary-General for the ASEAN Economic Community Satvinder Singh stated that the project is set to support 60 innovators and entrepreneurs from bloc member states and Timor-Leste. Each selected individual will receive financial support of up to 40,000 USD, along with technical mentoring and access to potential investments and partnerships.

He stressed that key to the project's success are micro, small, and medium enterprises (MSMEs) and startups across ASEAN. The region boasts a vibrant ecosystem of over 17 million MSMEs.

Source: VNA