Leading international experts called blue the color of the economy of the future

Sochi, November 22, 2022 – Participants of the XII International Forum ATOMEXPO 2022 discussed the outlook and challenges for the development of the ocean economy at the round table Blue Economy: Government, Business, and Science for a Sustainable Future. Experts from India, Egypt, the UAE, and Russia called the "blue economy" the economy of the future. They emphasized its global, cross-border nature and the unique opportunity to become a platform for cooperation between the government, business, and science.

The "blue economy" includes traditional and emerging industries: shipping, port infrastructure, shipbuilding and ship repair, marine construction and dredging, offshore gas and oil production, marine R&D and education, fishing and seafood processing, etc. The assets of the world ocean are estimated to be worth $25 trillion. The "blue economy" supports the lives of more than 3 billion people and is the 7th largest economy in the world which is growing annually and will reach $3 trillion by 2030.

Natalia Stapran, Director of Department of Multilateral Economic Cooperation and Special Projects of Russia’s Ministry of Economic Development, and Nikolai Shabalin, Executive Director of Lomonosov Moscow State University Marine Research Center, touched upon issues of international cooperation in the field of "blue economy", environmental management of marine areas, financing and digital aspects of water projects.

Mohamed Ahmed Said, Professor of Physical Oceanography of the National Institute of Oceanography and Fisheries (Egypt), spoke about the experience of Egypt and other African countries and shared the most important aspects of the development of the "blue economy": "Maintaining a balance between economic development and the sustainability of marine ecosystems is extremely important when investing in projects of the "blue economy" such as sustainable fishing, aquaculture, marine renewable energy sources, and marine transport. It is worth noting the support of developing countries so that they can apply an environmentally oriented approach to the management of marine resources."

Rudra Prasad Pradhan PhDA, Associate Professor, Department of Humanities and Social Sciences of the Birla Institute of Technology and Science (India), spoke about the experience of India, one of the pioneers in the development of the "blue economy". "Indian Ocean is spread over 70 million sq.km. It is the sea space connecting with 40 countries, a major oil supply and trade lane. Ocean is called SAGAR in Hindi. Prime Minister Narendra Modi defines SAGAR as Security and Growth for all", notes Dr. Pradhan. – Sitting right in the middle of the Indian Ocean, India looks at seas and oceans as a critical maritime platform for showing experience and collective economic growth."

Raj Jit Singh Wallia, Deputy Chief Financial Officer of DP World (UAE), also shared his company's international experience: "The priorities of DP World, which contributes a lot in the development of the "blue economy", include safeguarding ocean health, preventing pollution, and protecting biodiversity."

"For Rosatom, the "blue economy" is of great importance, especially in the development of the Arctic. It is important to find a balance between maximizing economic benefits and preserving the biosphere of the region. Besides, it is necessary to find mechanisms to team up science, government, and business to develop a model of lean economic development not only in the Arctic, but also in other maritime spaces," said Yekaterina Lyakhova, Director for Business Development of Rosatom.

For reference: The round table Blue Economy: Government, Business, and Science for a Sustainable Future was organized by Rusatom Cargo LLC, Rosatom's logistics integrator. The company is developing the Eurasian Container Transit project aimed at creating a transit container cargo transportation service between Europe and Asia via the Northern Sea Route (NSR). In order to ensure the sustainable development of the NSR, with the support from Rosatom, the Marine Research Center of Lomonosov Moscow State University launched a pilot research program on environmental monitoring of the NSR, with taking into account advanced Russian and international practices in the field of environmental research and protection.