Is ocean health compatible with economic growth?
Could WA play a significant role in attracting talent, growing ventures and driving investment in Blue Economy innovation?
The advocated mechanism for increasing both ocean health and economic returns is often some form of innovation. Drivers for innovation in this direction include consumer expectations, industry efficiencies, climate change policy, diversification beyond the resources industry and moves towards knowledge-based, value-adding industries.
WA has a good foundation for growing the Blue Economy:
- Our ocean products are recognised as premium, sustainable, and are well placed to serve growing Asian markets.
- New CRCs, hubs and clusters are already forming to focus talent and investment in this area.
- New ocean products are more valuable and sustainable than current comparable alternatives and can be produced in WA’s environment.
- Australia has advantages in its natural assets, trade agreements, industry capability and international reputation.
- WA also has world-class talent, research and development institutions, scaleable ventures and social impact initiatives in this area. They are not however, identified, connected or operating as a Blue Economy ‘cluster’.
- A range of initiatives could deliberately draw local and international awareness, capital, talent and investment to our Blue Economy sector. Given the strong foundations and growth potential, this could be a great return on investment.