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.
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.
The BPM Blue Economy Working Group functions as an advisory body of technical and policy experts from public and private sectors. Members include:
FSM Department of Resources & Development, Tourism Division
National Oceanic Resource Management Authority (NORMA)
FSM Department of Finance / Economic Development
FSM Development Bank
FSM State Focal Points
Micronesia Conservation Trust
Engaged with 40+ stakeholders from government, private sector, NGOs and multilateral organizations to identify strategic opportunities to grow FSM’s Blue Economy.
BPM Task Force endorsed a Blue Economy Narrative that explores investment opportunities related to fisheries, infrastructure, tourism and human capital to strengthen marine industries.
Launched two economic analyses to assess the feasibility of the development of a portside fisheries hub and expansion of FSM’s cultural tourism industry.