The 6th World Ocean Forum opens today in Busan under the theme of “Vision of the Blue Economy and Ocean Governance.” The three-day conference brings together some 3,000 scholars, government officials and ocean industry leaders from Korea and abroad for discussion on sustainable use and development of the oceans.

The term “blue economy” has not gained wide currency in Korea yet. It is being introduced to the public through the forum and the ongoing international exposition in Yeosu, whose theme is “The Living Ocean and Coast.”

Simply put, the term refers to an ocean-based economy that is economically and environmentally sustainable. It highlights the role of oceans in pursuing green growth, a new strategy aimed at coping with climate change and shortages of natural resources.In recent years, the blue economy concept has gained traction in major maritime powers such as the United States, the European Union, China and Japan. For instance, China designated the Shandong Peninsula as a blue economic zone last year based on a vision presented by President Hu Jintao.

These countries are seeking to achieve a blue economy as they have recognized the value of the ocean ― an inexhaustible source of energy. If the world can harness its vast energy potential, it would be able to better address climate change.

This point was driven home by the U.K. Marine Foresight Panel: “If 0.1 percent of the renewable energy available within the oceans could be converted into electricity, it would satisfy the present world demand for energy more than five times over.”

The ocean is also a treasure trove of natural resources. It contains enormous amounts of oil, gas and other important minerals, such as copper, manganese, nickel, gold and zinc. As natural resources on land are being depleted, the world has no alternative but to tap into marine resources.

Nations can also create new jobs and boost economic growth by investing in marine and coastal resources. Ocean-based industries have strong forward and backward linkages with other industries. This means investment in these sectors has a far-reaching ripple effect on the economy.

As such, achieving a blue economy is essential if a country seeks to make its economy green. This point needs to be brought home to Korean policymakers, given that Korea is a maritime country surrounded by the sea on three sides and has strong ocean-based industries.

The blue economy is a vision that poses many tough challenges. In the first place, it requires an expansion of human knowledge and understanding of the ocean. In recent years, marine science and technology has achieved substantial progress, making the ocean more accessible.

Yet the ocean still remains a largely unknown world to mankind. While the ocean covers 71 percent of the earth’s surface, man has thus far explored less than 10 percent of it.

To build a blue economy, it is essential to secure the technological capabilities to develop marine resources. While the ocean contains vast natural resources, only a tiny fraction of them have actually been utilized.

Furthermore, commercial development of a certain marine resource often requires the creation of a new industry. For instance, deepwater oil production is based on a new industry consisting of firms specializing in each stage of the whole process from exploration to the operation of production facilities.

Sustainable use and development of ocean resources also calls for the establishment of a governance regime that can prevent reckless exploitation of resources and environmental pollution. Major maritime countries tend to set up an integrated governance regime as marine ecosystems are interconnected.

As ocean governance is one of the key topics at the Busan forum, domestic and foreign experts are expected to take up the issue of whether Korea should return to an integrated governance regime.

Korea set up the Ministry of Maritime Affairs and Fisheries in 1996 to put together maritime functions that had been divided among various agencies. But it was abolished in 2008.

Recently, Korean marine experts began to call for a revival of the ministry as the need for integrated ocean governance increases amid growing importance of the ocean.

Many marine experts say the 21st century is the age of the ocean. Oceans will undoubtedly help nations find solutions to worsening environmental problems and resource shortages. But it also presents numerous challenges. We hope that the forum inspires fresh ideas that help us overcome these challenges.