James Michel Foundation looks at blue economy in Indonesia |07 June 2021

James Michel, the executive chairman of the James Michel Foundation, has shared with Indonesia Seychelles’ achievements of oceanic sustainability during his tenure of office as the country’s President.

Mr Michel was invited to speak at the launch of the blue economy project in the Maratua islands in the province of East Kalimantan on June 3, 2021.

He explained that although the two countries are different, they can both benefit from the blue economy.

“The blue economy is not merely a concept of oceanic conservation. It can also spearhead the economy of a country through the responsible management of the ocean and its resources. Well managed oceanic space and its marine ecosystem resources provide coastal societies with economic and environmental benefits and contribute to the gross domestic product,” Mr Michel told guests at the launch.

The blue economy can be defined as cross-sectoral economic activities related to the oceans, the seas and the coastal areas. It brings together the economy, the environment and society, being mindful of the need to protect the marine environment and heritage for present and future generations, he explained. 

Mr Michel noted that the James Michel Foundation he created in 2017 is guided by the commitment to promote the blue economy concept, both in its national and international aspects, to sensitise people about climate change and its impact on Seychelles and the world, to promote environmental protection and sustainable development and defend and promote the cause of small islands developing states.

He added that together with his partners they will continue to explore innovative approaches to blue growth aimed at harnessing ocean resources to promote the development and improvement of the livelihood of coastal communities.

The former President emphasised that “investing in sustainability makes business sense, as it is moreover an attractive option for archipelagic nations like ours, transitioning to high income growth.”

Indonesia’s Minister for Maritime Affairs and Fisheries, Wahyu Trenggono, applauded the successful achievement of Seychelles in the blue economy and being acknowledged as the first country to launch the blue bonds and to implement a debt-for-nature swap, the first of its kind for small island nations and the possibility to create a replicable and scalable model for the large oceanic archipelagic nation of Indonesia.

He extended his cordial gratitude to the James Michel Foundation, looking forward to the commitment in the further delivery of the Maratua islands pilot project.

Press release from the James Michel Foundation