Kota kinabalu: Sabah has entered a new phase in its marine-resource-based economic transformation through the Blue Economy initiative, which is expected to have a significant impact on the state’s economic growth, including the creation of more job opportunities.
According to BERNAMA News Agency, the Blue Economy involves the development of marine parks, a tuna fishing port, aquatic plant farming, and renewable technology through Ocean Thermal Energy Conversion (OTEC), which is capable of transforming the state’s economic landscape and positioning Sabah as a national leader in the field.
Chief Minister Datuk Seri Hajiji Noor stated that the Blue Economy is an initiative planned by the Sabah government aimed at exploring and harnessing the potential of the industry, ultimately benefiting not only the state but also its people through the implementation of various projects. He highlighted the proposal to establish a Blue Economy Industrial Park in Kudat and the imminent launch of the Sabah tuna port in Kota Kinabalu as key components of this initiative.
Hajiji elaborated that an agreement has been signed between a public listed company and the government, with the government holding a 30 per cent share of equity in the project. The development of the port for the landing of tuna and other deep-sea marine products has been recognised by the European Union and is projected to generate an economic value of up to RM1.8 billion annually, with an investment value reaching RM360 million.
He further explained that the Blue Economy is not limited to the fisheries sector alone but also involves various other industries with strong growth prospects, such as renewable energy. The OTEC initiative, actively pursued by the Sabah government, is expected to yield positive outcomes, particularly in ensuring the well-being of the people of Sabah.
Additionally, Hajiji mentioned a focus on seaweed cultivation, as roughly 90 per cent of suitable areas for this are found in Sabah. In conjunction with the Blue Economy, the Sabah government is advancing the Blue Carbon initiative through the conservation of mangrove forests, which presents opportunities for carbon trading.
The chief minister noted that the Sabah government has secured facilities from financial institutions to provide loan access for investors interested in contributing to the development of Sabah’s Blue Economy. He emphasized that all development projects under the initiative will adhere to Sustainable Development Goals (SDGs) regulations, and local community involvement is crucial for success.
Hajiji expressed confidence that the Blue Economy initiative will significantly boost Sabah’s economy and that it will eventually be elevated to a national-level programme, positioning Sabah as the leading driver of the initiative. He highlighted that in July, the state was capable of producing 491,000 tonnes of marine products annually, worth RM3.25 billion, through the Sabah Blue Economy. This marine product output is one of 14 components of the Blue Economy, including marine renewable energy, blue carbon, tourism, maritime transport, and marine biotechnology.