Private Sector Partnerships Key to Ocean Economy of Small Island Nations

The international business community and representatives from small island nations will meet in Palau on Tuesday, 12 April for the third Small Island Developing States Global Business Network Forum.

The forum, which takes place biannually, is an initiative of the United Nations Office for the Most Vulnerable States (OHRLLS) aimed at harnessing the innovation of the private sector to achieve sustainable development in small island developing States (SIDS). 

This year, the forum is co-organised by the Government of Palau and OHRLLS on the margins of the Our Ocean Conference and aims to spur a new generation of ocean economy partnerships between the global business community and small island nations during the UN Ocean Decade 2021-2030

“Small island developing States can reap the benefits of a rapidly growing ocean economy, projected to be worth $3 trillion by the end of the decade,” said Heidi Schroderus-Fox, the UN’s Acting High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States. She added, “But they cannot do it alone. That’s why this forum is so important because it is a timely opportunity to unlock new private sector partnership opportunities to help island nations capitalize on the blue economy.”

SIDS control about 30 percent of all oceans and seas and have a vested interest in partnering with the international business community to help build their blue economies, conserve ocean resources, advance economic development and strengthen climate action. 

Several SIDS have already begun pioneering efforts to conserve and sustainably manage the ocean spaces under their control.

The Seychelles for instance launched the world’s first sovereign blue bond, mobilizing $15 million for blue economy projects. And in the Pacific, the Palau National Marine Sanctuary has effectively closed off 80% of Palau’s exclusive economic zone to all forms of extractive activities including fishing.  In the Caribbean, Belize recently became the first country in the Americas to complete a debt conversion for ocean conservation which will restructure US$550 million of external commercial debt equivalent to 30 percent of the country’s GDP. Belize’s investment will see US$180 million being put back into the conservation of its marine ecosystems over the next two decades.

With the partnership and innovation of the private sector, the blue economy can help SIDS in turning their geographical isolation from a liability to an asset for ocean-based economic development. By diversifying industries and moving away from predominantly land-based development, SIDS could create new employment opportunities, enhance climate action and build more resilient economies.

For more information about the SIDS Global Business Network, visit: https://www.un.org/ohrlls/sids-gbn