KUALA LUMPUR, Nov 11 -- The Ministry of Economic Affairs (MEA) will be conducting a feasibility study on blue economy next year.
Its minister, Datuk Seri Mohamed Azmin Ali said the ministry has decided to carry out an in-depth study on blue economy due to its vast potential based on the size of the Malaysian waters.
“The feasibility study project involves the implementation of various new and extended feasibility studies conducted by relevant ministries and agencies to help provide input in planning the socio-economic development of the country, as well as input in the preparation of the 12MP (12th Malaysia Plan).
“By 2020, there will be 10 extended studies in various stages of implementation," he said when winding up debate on the Supply Bill 2020 at the Dewan Rakyat today.
Blue economy is defined by the European Commission as all economic activities related to oceans, seas and coasts.
According to the World Bank, blue economy encompasses the fisheries industry, renewable energy, maritime transportation, waste management, tourism, and climate change.
This is translated into the sustainable use of marine resources for economic development, while maintaining and improving ocean health.
Mohamed Azmin said among the studies were that of Industry 4.0, technical and commercial direction of the KL-Singapore high-speed rail project, national padi and rice coordination, and oil and gas services equipment.
As of November 2019, he said there were additional requirements for new studies to be conducted by 2020, including the blue economy and high-speed rail technical studies.
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