Marine economy new engine for growth

Marine or "blue" economy will become a new growth engine for BRICS countries to narrow the gap with developed economies, especially in areas that demand cutting-edge technology, modern infrastructure and advanced machinery, business leaders said on Monday.

"The oceans are strategically important to BRICS countries - Brazil, Russia, India, China and South Africa. A part of their development potential lies in the oceans, if they are sustainably developed over the next decade," said Chen Fenjian, president of China Communication Construction Co.

Marine economy has been dominated by shipping, fishing, aquaculture, and oil and gas. It now includes sectors such as marine chemistry, biomedicine, ocean power, seawater use, marine tourism, ocean engineering and construction.