Memorandum of Understanding signed between World Ocean Council and the UfM/WestMED to boost private sector engagement in the Mediterranean Blue Economy

On March 28,2023, the Union for the Mediterranean (UfM) and the World Ocean Council (WOC) signed a Memorandum of Understanding (MoU) at the UfM Headquarters in Barcelona. This, within  the framework of the 2021 UfM Ministerial Declaration on Sustainable Blue Economy and Roadmap for its implementation, and the WestMED Initiative, supported by the UfM and by the European Commission.

The MoU details key avenues of collaboration to promote cooperation, strong engagement, stewardship, and corporate responsibility from the business and investment communities in the maritime  sectors at Mediterranean level.

Cooperation will mainly focus on blue business development and entrepreneurship (incl. blue skills, careers, jobs and employability) and blue investments i..e the blue finance process in the Mediterranean. This via joint promotion and possible co-organisation of events, helping connect political to business apirations, exchanging expertise etc.

The WestMED Assistance Mechanism and the WOC are currenly exploring practical plans for joint development and cooperation in 2023.