Jakarta. ASEAN’s economy is forecast to expand 4.6 percent this year as the Southeast Asian bloc works on sustainably managing its marine resources, according to its secretariat.

Satvinder Singh, the deputy secretary-general for the ASEAN Economic Community, said Tuesday that the 10-member grouping had been growing steadily at around 4.5 percent over the past few years. And ASEAN is expected to expand at a slightly faster rate in 2024, as it embraces what it calls the “blue economy”.

“Despite the global challenges, the [ASEAN] region -- all 10 member countries -- collectively will grow at an estimated 4.6 percent this year,” Singh told reporters in Jakarta.

The blue economy promotes the use of marine and freshwater resources in a sustainable and inclusive manner. ASEAN is pivotal to global marine biodiversity, as the region is home to 28 percent of the world’s coral reefs and 33 percent of the seagrass beds. It also harbors 31 percent of the world’s mangroves.

ASEAN already has a “blue economy framework” -- a 22-page document detailing what the group can do to promote sustainable exploitation of marine resources. Some strategies include pursuing blue biotechnology advancements and marine spatial planning.

“The blue economy is part of ASEAN’s deep focus on sustainability. We are also looking at circular economy and decarbonization. … On the blue economy, … ASEAN is working with our partners to form a strategy that will help us not only move towards sustainability but more importantly, generate new jobs, as well as new economic growth for our people,” Singh said.

ASEAN is eyeing a better protection of its fisheries to ensure its people’s livelihoods. Green maritime logistical transport also becomes another blue economy sector for the ASEAN to work on, according to Singh. He added: “So we are looking at ensuring green ports and shipping. As well as [sustainable coastal] tourism.” 

As ASEAN seeks to promote its blue economy, the bloc is calling on the region's startups and small enterprises to come up with ideas through the ASEAN Blue Innovation Challenge. Entrepreneurs from Timor Leste --which is in the process of becoming a full-fledged ASEAN member-- can also join this program. 

ASEAN is also working alongside the UN Development Program (UNDP) and the Japanese government for this initiative. Selected awardees will win financial backing worth up to $40,000 each for them to pilot or reach a proof-of-concept of their blue economy innovations. They will also get the opportunity to present their solutions to business communities and financiers, thus enabling blue investments coming to the Southeast Asian grouping.

According to think-tank AMRO's estimates, the ASEAN economy expanded by 4.2 percent throughout last year. ASEAN is forecast to grow at 4.8 percent in 2024 -- slightly more optimistic than Singh's estimates. The archipelagic Indonesia saw its real gross domestic product (GDP) grow 5 percent in 2023. Jakarta is expected to book a 5.2 percent growth rate for both 2024 and 2025.