Blue Economy
BLUE
ECONOMY
The Federated States of Micronesia, through Blue Prosperity Micronesia (BPM), is exploring the feasibility of several revenue-generating opportunities leveraging the nation’s unique marine assets, including the development of a portside fisheries hub and the expansion of cultural tourism.
WHAT IS
BLUE ECONOMY?
Blue Economy refers to the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.
Blue Economy includes a wide range of industries such as fishing, shipping, energy, and tourism, as well as activities like ocean research and conservation.
The aim behind the Blue Economy is to use the ocean in a way that benefits economies, environments and communities.
WHO IS
INVOLVED
The BPM Blue Economy Working Group functions as an advisory body of technical and policy experts from public and private sectors. Members include:
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FSM Department of Resources & Development, Tourism Division
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National Oceanic Resource Management Authority (NORMA)
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FSM Department of Finance / Economic Development
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FSM Development Bank
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FSM State Focal Points
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Micronesia Conservation Trust
BLUE ECONOMY
MILESTONES
2021
Engaged with 40+ stakeholders from government, private sector, NGOs and multilateral organizations to identify strategic opportunities to grow FSM’s Blue Economy.
2022
BPM Task Force endorsed a Blue Economy Narrative that explores investment opportunities related to fisheries, infrastructure, tourism and human capital to strengthen marine industries.
2023
Launched two economic analyses to assess the feasibility of the development of a portside fisheries hub and expansion of FSM’s cultural tourism industry.
