Malaysia’s Blue Economy: Position, Initiatives, and Challenges
Date:
3 July 2023Category:
Malaysia, Regulation and Governance, Services, TradeType:
Policy BriefsTags:
Blue Economy, ASEAN, MalaysiaPrint Article:
Malaysia leverages the economic activities in and around its oceans, seas, and coastal areas, as its maritime space is double the country’s land area. The marine-based or blue economy contributes about 23% of Malaysia’s GDP. Realising the
importance of the blue economy led Malaysian policymakers to incorporate the concept of the blue economy in the Twelfth Malaysia Plan, which was developed in consultation with relevant ministries and organisations. Although the blue economy
has been identified as a key area of growth for Malaysia, its development faces numerous challenges such as the absence of a comprehensive national ocean policy and marine spatial plan, overlapping jurisdiction amongst government agencies, and
shortage of labour. Thus, a systematic approach is necessary to analyse the gaps in the ‘8i-ecosystem’ to ensure the effective development and management of Malaysia's blue economy. To ensure that the initiatives for the blue economy in Malaysia are on track and delivering the intended outcomes, appropriate monitoring and evaluation approaches and mechanisms must be in place.
Malaysia’s Blue Economy: Position, Initiatives, and Challenges
