Fisheries and tourism among most promising sectors to support Pacific SIDS recovery, highlights new UN report

Stocks and Financial Services Press Releases Tuesday June 30, 2020 10:07
Bangkok--30 Jun--United Nations

Small island developing States (SIDS) in the region must take better advantage of their vast ocean resources and blue economy to accelerate sustainable development, as significant socio-economic impacts of the COVID-19 pandemic are threatening to reverse years of development gains, warns a new report by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

The latest edition of the Asia-Pacific Countries with Special Needs Development Report, entitled Leveraging Ocean Resources for Sustainable Development of Small Island Developing States,expresses concern that SIDS continue to struggle with providing productive employment for their people. To counter these challenges, the report puts forth policy recommendations to strengthen the fisheries and tourism sectors as vital drivers for progress towards sustainable development.

“Small island developing States can do more to embrace their blue economy to foster their sustainable development. Although fisheries and tourism are being significantly affected by the ongoing COVID-19 pandemic, they remain among the most important sectors for many SIDS in terms of their contribution to the economy and their importance for livelihoods,” said United Nations Under-Secretary-General and Executive Secretary of ESCAP Ms. Armida Salsiah Alisjahbana.

Fisheries provide food and income to more than 200 million people in the Asia-Pacific region. The region also accounts for 84 per cent of the global population employed in the sector and brings in much needed public revenue to SIDS. However, one of the challenges that these Governments face in managing fisheries more sustainably is the lack of factual, transparent and harmonized data. The report calls for a stronger push for investments in producing relevant data, especially given the current limited statistical capacities in SIDS.

Similarly, tourism is one of the most economically viable sectors for SIDS. In 2018, the total value of international tourist receipts across the region’s 14 SIDS was $5.4 billion, which is equivalent to 13 per cent of their aggregated GDP. Among others, the report proposes for SIDS to promote green and blue tourism linked to local communities and local economies to address the challenges related to the sustainability of the tourism sector. It also suggests that green tax initiatives could be useful to increase revenues and address the risk of overexploitation.

Greater regional cooperation is also an important element for creating an enabling framework. Regional cooperation is especially important given the nature of fisheries as a common property resource and the remote locations of most Asia-Pacific SIDS, which results in tourists usually willing to visit several countries within one trip. The ESCAP report further calls for Asia-Pacific SIDS to scale up actions for oceans by acting together to leverage their natural assets and to gain collective bargaining power.

Published annually, the Asia-Pacific Countries with Special Needs Development Report analyzes development challenges that are particularly pertinent to the region's 36 least developed countries, landlocked developing countries and small island developing States.


Latest Press Release

Leveraging synergy with MUFG, Krungsri holds seminar to provide insight into global markets, building immunity for business customers

Krungsri (Bank of Ayudhya PCL) exclusively organized an online seminar entitled “Building Business Immunity From Covid-19” for Krungsri Business customers from large corporate companies, financial institutions, and Japanese corporate and...

MOAC collaborates with the private sector to form 3,000 Smart Farming Hedge Funds for farmers

“Agriculture in Thailand is one of the main drives of economic development of Thailand also grassroots of food for the security of the country and to the world. As the majority of Thais in the agricultural industry, MOAC has the policy to create a...

Innotech Asset Management to launch a new Thai ESG equity fund IPO

Innotech Asset Management has today announced the launch of a new sustainable Thai equity fund, and has selected Arabesque Asset Management, a global asset management firm, as its portfolio investment advisor. The 'Innotech Sustainable Thai Equity...

Boxing Champion Manny Pacquiao's PAC Token Set to List on Licensed Virtual Currency Exchange in the Philippines

Global Crypto Offering Exchange (GCOX) today announced the signing of a strategic partnership with COEXSTAR Exchange, a BSP-licensed Virtual Currency Exchange in the Philippines. With the collaboration in place, PAC Token (PAC) - the digital currency of...

Despite Global Pandemic and Recession - 4ARTechnologies is the First Start-up to Fulfil Its ICO Promises With Innovative Product Release and Exchange Listing

Following the implementation of Apple recommendations, the Swiss company 4ARTechnologies launches the next version of the 4ARTapp, the art innovation that already has customers in over 60 countries, and has now successfully placed its cryptocurrency...

Related Topics