Indonesia Economy Forum

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116 Km, Cipali (Cikopo - Palimanan) toll road section opened for public. Part of Trans Java Toll Road (1000Km+) that planned to be completed in 2018.

WEST JAVA | Cikampek - Palimanan Toll Road - 116 Km - Page 42 - SkyscraperCity

 

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Garuda Indonesia airline is on a buying spree at the Paris Air Show.

Airbus announced Monday that the Indonesian flagship carrier signed a letter of intent for 30 wide-body A350 jets, which could serve routes from Jakarta or Bali to Europe. If confirmed, the order would be worth up to $9 billion at list prices, though airlines usually negotiate discounts.

Earlier Monday, Boeing announced a tentative order by Garuda Indonesia for up to 60 jets.

Asian carriers are expected to dominate global aircraft demand over the next two decades, with Boeing estimating that roughly two out of every five new planes will head to Asia.
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Boeing has announced a tentative order from Indonesia's Garuda airline for up to 60 jets at the opening of the Paris Air Show.

The planemaker said Monday that Garuda signed a letter of intent to buy up to 30 its popular single-aisle 737 MAX and 30 of Boeing's 787-9 jets. The 60 jets, if confirmed, would cost 10.8 billion dollars at list prices, though airlines usually negotiate discounts.

Rival Airbus announced Monday that it has made a deal with Saudi Arabian Airlines to be the first airline to fly the Airbus A330-300 regional jet, redesigned for domestic and regional routes.

Thousands of people streamed into the world's oldest air show Monday from throughout the world's $700 billion aerospace and defense industry.


THE LATEST: Airbus gets order for 60 jets from GECAS | UTSanDiego.com

 

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Indonesia Trade Surplus Rises to $950 Million in May

Indonesia's trade surplus swelled to $950 million in May from $454 million in April as imports tumbled in Southeast Asia's largest economy, the official statistics agency said Monday. A Wall Street Journal survey of eight economists had showed a median forecast for a surplus of $650 million amid declining imports and exports.

Indonesia has posted a trade surplus for six straight months, a welcome development as the country tries to plug a current-account deficit. The nation, however, is also facing weaker consumption as it struggles with its lowest economic growth in more than five years.

Indonesia's exports were $12.56 billion in May, falling 4.11% from a month earlier. Total exports declined 15.24% from a year earlier. Imports fell 8.05% sequentially to $11.61 billion. From a year earlier, total imports dropped 21.40%.

The country, with a nearly $900 billion economy, has recorded a deficit in its current account in the past three years amid faltering growth in China, the largest buyer of Indonesian coal and minerals.

- Indonesia Trade Surplus Rises to $950 Million in May as Imports Dive - NASDAQ.com
- Indonesia's trade surplus increases in May

 

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World's Best Cabin Staff
1. Garuda Indonesia
2. Cathay Pacific
3. Singapore Airlines
4. Asiana Airlines
5. Malaysia Airlines
6. Qatar Airways
7. EVA Air
8. ANA All Nippon Airways
9. Thai Airways
10. Hainan Airlines

The world's top 10 airlines of 2015
1. Qatar airways
2. singapore airlines
3. cathay pacific airways
4. turkish airlines
5. emiretes
6. etihad airways
7. ANA all nippon airways
8. Garuda Indonesia
9. EVA air
10. Qantas

World's Best Airport Services
1. ANA All Nippon Airways
2. EVA Air
3. Garuda Indonesia
4. Asiana Airlines
5. Cathay Pacific
6. Thai Airways
7. Singapore Airlines
8. Korean Air
9. Dragonair
10. KLM

World's Cleanest Aircraft Cabins
1. EVA Air
2. Singapore Airlines
3. ANA All Nippon Airways
4. Cathay Pacific
5. Asiana Airlines
6. Garuda Indonesia
7. Japan Airlines
8. Hainan Airlines
9. Korean Air
10. Hong Kong Airlines

4Star Airport

3Star Airport

WORLD AIRLINE AWARDS | the Passengers Choice Awards

 

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Newly built Cipali Toll Road from the Sky

 

[katarabhumi]

Government to Grant Pertamina 70% Stake in Mahakam Gas Block

Jakarta. Indonesian state-owned oil and gas firm Pertamina will take a 70 percent stake in the Mahakam natural gas block when the permit of its current operators runs out at the end of 2017, the government said on Friday.

Sudirman Said, the minister for energy and mineral resources, said in Jakarta that Pertamina would work with the blocks current operators, Total of France and Inpex of Japan, after their permit expired on Dec. 31, 2017.

Total and Inpex are 50-50 stakeholders in the block, but will see their combined share go down to 30 percent once Pertamina takes over.

“Afterward, Pertamina can decrease its stake by selling shares to other parties in a manner that makes maximum business sense,” Sudirman said at a press conference.

He said further discussions would take place next week on safeguarding the interests of local operators in East Kalimantanm where the block is located. The ministry will also continue talks with Total and Inpex regarding the shares.

Sudirman said the decision was based purely on business calculations, with political no pressure on the government to decide one way or another.

“There was no pressure on the president. All parties to the discussion had business in mind when we talked about the share of ownership,” he said. “The government took part in the discussion because Pertamina and the two other operators asked us to join.”

Pertamina’s president director, Dwi Soetjipto, said the company was making preparations ahead of taking over the block on Jan. 1, 2018.

They include preparing for goods and service procurements to support the operation, transitioning the information technology system, preparing financial, contracts and human resources divisions, and other tasks necessary to ensure a smooth transition.

“It will be important for us to have the existing operators involved in managing the Mahakam block,” Dwi said, adding he also expected support from the energy ministry.

Dwi said Pertamina would need around $2.5 billion in annual investments in Mahakam for prospecting for new oil and gas reserves.

Pertamina is also in talks with workers on the Mahakam block, who will officially become Pertamina employees when it takes over. “Because most of the employees are Indonesians, they want to join Pertamina,” Dwi said.

The Mahakam block produced 1.76 billion cubic feet per day (bcfd) of gas last year. Production is expected to slow to 1.7 bcfd this year, Reuters. reports.

Government to Grant Pertamina 70% Stake in Mahakam Gas Block - The Jakarta Globe

===== wiken nyuws =====​

Minions speak Indonesian

Planning a trip to the cinema to watch the newly released Minions movie? Don’t forget your Indonesian dictionary.

The movie’s cute little yellow creatures speak a gibberish language – but it is dotted with Bahasa Indonesia.

Utterances including terima kasih (thank you), kemari (come here) and Paduka Raja (Your Highness) can be heard throughout the movie, which was released on Wednesday.

Metrotvnews.com reported recently that the use of Indonesian in the movie was down to one of the directors, Pierre Coffin, having emotional and blood ties to Indonesia.

Coffin, the director of Despicable Me (2010) and Despicable Me 2 (2013), is the son of Indonesian novelist Nurhayati Sriharini Siti Nukatin, better known by her pen name NH Dini.

Coffin is a child of NH Dini’s marriage to French diplomat Yves Coffin; the couple separated in 1984.

In another interview, Coffin confessed that he had used Indonesian in minion speech since Despicable Me.

“I find the Indonesian language very beautiful. It is like music,” he said.

Apart from Indonesian, the movie’s animated stars’ dialogue contains languages including Spanish, Italian, English and Greek. (ika)

Minions speak Indonesian | The Jakarta Post

 

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Vision of Humanity
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Indonesian Movies Nab Three Awards in China

Three Indonesian movies nailed awards in two international film festivals in China within the past two weeks.
In Shanghai International Film Festival, "Siti", directed by Eddie Cahyono, won the best cinematography and the best scenario for the New Asia Talent Competition. “Siti” defeated movies from six other nations, including from China, Japan, and South Korea.

The Shanghai International Film Festival is the obly film festival accredited by the International Federation of Film Producers Associations. The festival, first held in 1993, now comes in a bigger design, with 900 screenings in 35 cinemas.

Another Indonesian movie, “Biji Kopi Indonesia(Aroma of Heaven)”, won in Hainan Film Festival, Maritime Silk Road of the 21st Century, as the Best Documentary Motion Picture. "Sokola Rimba" won an award in the festival as the The Best Soundtrack Music.

The festival gave appreciation to movies from China and other nations in Asia, particularly those in the Silk Road. There were eight foreign movies in the nomination, with Sokola Rimba and Aroma of Heaven being two of them.

Indonesian Movies Nab Three Awards in China | Art & Culture | Tempo.Co :: Indonesian News Portal

 

[MarveL]

Indonesian President Joko Widodo To Ban Import Of Ships
in International Shipping News 23/06/2015

President Joko Widodo has said he would ban import of ships because shipbuilding industry in the country is already capable of producing them, Indonesia’s Antara news agency reported.

“Orders abroad will no longer be allowed. Why should we order abroad while we are already able to build them,” he said during a dialogue with shipbuilding industrialists at PT Anggrek Hitam shipyard in Batam, Riau Islands, during a working visit to the region on Sunday.

He said after visiting shipbuilding industries in Batam, he now knew that domestic industries were really able to build ships.

“Later I will ask for the list of ships needed by state-owned companies, ministries and institutions,” he said.

The President said PT Anggrek Hitam has been able to build all kinds of ships from passenger ship, roll-on roll-off ferry ship, cargo ship, tanker and others.

“We can build them ourselves,” Joko Widodo, better known as Jokowi stated.

He said shipbuilding industry in the country must be given serious attention as the country has set a target of building a maritime axis through sea toll road development to improve connectivity.

“In Batam there are 104 shipbuilding industries. After returning from here I will gather officials from state-owned companies, the ministry of defence, the ministry of transportation, the ministry of fisheries and marine resources, state-owned oil company PT Pertamina, gas company PN Gas and (order them) to no longer order ships from abroad,” he said.

He said local contents in the domestic product perhaps were still around 40 per cent but he believed in stages they would increase.

“When I visited Korea I was stunned. Here I was stunned more after knowing because ships can also be built here. Industries here can also build a 17,500 DWT tanker. So, I have no more doubt,” he added.
Source: BERNAMA

Indonesian President Joko Widodo To Ban Import Of Ships | Hellenic Shipping News Worldwide

 

[IR-TR]

Indonesian President Joko Widodo To Ban Import Of Ships
in International Shipping News 23/06/2015

President Joko Widodo has said he would ban import of ships because shipbuilding industry in the country is already capable of producing them, Indonesia’s Antara news agency reported.

“Orders abroad will no longer be allowed. Why should we order abroad while we are already able to build them,” he said during a dialogue with shipbuilding industrialists at PT Anggrek Hitam shipyard in Batam, Riau Islands, during a working visit to the region on Sunday.

He said after visiting shipbuilding industries in Batam, he now knew that domestic industries were really able to build ships.

“Later I will ask for the list of ships needed by state-owned companies, ministries and institutions,” he said.

The President said PT Anggrek Hitam has been able to build all kinds of ships from passenger ship, roll-on roll-off ferry ship, cargo ship, tanker and others.

“We can build them ourselves,” Joko Widodo, better known as Jokowi stated.

He said shipbuilding industry in the country must be given serious attention as the country has set a target of building a maritime axis through sea toll road development to improve connectivity.

“In Batam there are 104 shipbuilding industries. After returning from here I will gather officials from state-owned companies, the ministry of defence, the ministry of transportation, the ministry of fisheries and marine resources, state-owned oil company PT Pertamina, gas company PN Gas and (order them) to no longer order ships from abroad,” he said.

He said local contents in the domestic product perhaps were still around 40 per cent but he believed in stages they would increase.

“When I visited Korea I was stunned. Here I was stunned more after knowing because ships can also be built here. Industries here can also build a 17,500 DWT tanker. So, I have no more doubt,” he added.
Source: BERNAMA

Indonesian President Joko Widodo To Ban Import Of Ships | Hellenic Shipping News Worldwide

What the hell? Ban imports? Sorry, it doesn't work that way. Others would ban Indonesian exports. Indonesia should and could help it's own industry in order to make it competitive, but you can't just impose a blanket ban on imports. Tarrifs, sure. WTO ring a bell?

 

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What the hell? Ban imports? Sorry, it doesn't work that way. Others would ban Indonesian exports. Indonesia should and could help it's own industry in order to make it competitive, but you can't just impose a blanket ban on imports. Tarrifs, sure. WTO ring a bell?

That's just a sensational headline. The ban will be applied only on government's spending, not public/private purchase. Meaning, government will not buy new ships from foreign shipyard if local shipyard can fulfil the needs. We have more than 250 active shipyard that ready to satisfy government's needs for ships, in any size and requirement.

If private company want to import their ships, they still can do that. no problemo.

 

[IR-TR]

That's just a sensational headline. The ban will be applied only on government's spending, not public/private purchase. Meaning, government will not buy new ships from foreign shipyard if local shipyard can fulfil the needs. We have more than 250 active shipyard that ready to satisfy government's needs for ships, in any size and requirement.

If private company want to import their ships, they still can do that. no problemo.

My bad. That's sensible policy. Good for Indonesia.

 

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Indonesia still favored by foreign investors

Foreign direct investment (FDI) inflow to Indonesia has continued to rise, along with direct investment in South-East Asia, despite the slowdown in economic growth, says an UN report.

The World Investment Report 2015 revealed that FDI inflows to Indonesia rose by 20 percent to US$23 billion in 2014, while the combined direct investment in the region saw a rise of 5 percent to $133 billion.

"Indonesia is still more attractive compared to the other neighboring countries such as Vietnam and Thailand," Pratito Soeharyo, Director for Business Empowerment for the Indonesia Investment Coordinating Board (BKPM), told the press in Central Jakarta on Wednesday.

Vietnam, an important location for low-cost production by foreign companies, saw its direct investment inflows increase 3 percent to $9.2 billion in 2014.

The BKPM has expressed its plan to achieve its investment target at Rp 519.5 trillion this year, an increase of around 14 percent as compared to the value recorded in the previous year. The realization investments in the first quarter hit Rp 124.6 trillion, a 16.9 percent increase from last year’s Rp 106.6 trillion in the same period.

However, investment in Indonesia is still hampered by business regulation and licensing, according to Shinta Widjaja Kamdani, chairwoman for Indonesia Employers Association

Indonesia still favored by foreign investors | The Jakarta Post
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Companies called to use rupiah for transactions

Bank Indonesia (BI) says it is hoped that all companies in Indonesia can use rupiah for all daily transactions starting from July 1.

“In the short term, there might be some obstacles to overcome because the companies will have to convert their US dollars into rupiah before making payments and this demands additional costs,” the central bank’s assistant director of money management department, Agustinus Fajar Setiawan, said as quoted by Antara in Semarang on Wednesday.

However, he said, BI hoped that this would not be used as an excuse by companies to avoid using rupiah for transactions because this regulation must be upheld. There would be tough sanctions for any company which violated the rule, starting from warning letters to prohibiting them from attending finance service traffic.

“If starting from July 1 there are companies that still carry out non-cash transactions using US dollars, we will impose sanctions on them,” said Agustinus.

“First, we give them a written warning. Second, we will order them to pay fines amounting to 1 percent of the total transactions at a minimum and Rp 1 billion (US$75,000) at a maximum,” he said.

As a final sanction, they would be prohibited attending finance service traffic and prohibited from making transactions using banking services, he added.

Agustinus said BI hoped that banking transactions in US dollars, which now had reached between $6.5 billion - $7.1 billion per month, could be reduced in stages.

Companies called to use rupiah for transactions | The Jakarta Post
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Indonesia mulls over incentives to boost national shipping dock industry

Indonesia's Investment Coordination Agency (BKPM) mulled to provide tax allowance incentive for foreign firms planning to invest in the country's shipping dock industry, saying that the policy was related to President Joko Widodo's plan to stop acquisition of ships from foreign countries.

According to BKPM Chairman Franky Sibarani, Indonesia has received pledges of five foreign shipping firms from China, South Korea, Japan and Australia to invest in national shipping industry with a total value of 9.34 billion U.S. Dollars.

The pledges were received from October last year to May this year, Franky said.

"The moratorium policy has a great consequence as there were more than 5,000 foreign ships operating in Indonesia at present. This would be the right time to fill the domestic ship demands for national producers," Franky said here on Wednesday.

Citing results of a survey on shipping dock industry in the region carried out by a Japanese agency, he said that Indonesia's shipping dock industry was highly competitive compared to those operating in the region.

Indonesia's high competitiveness in the industry lies in its labor cost, land leasing, procurement and electricity cost advantages compared to those in Laos, Myanmar and Vietnam, Franky cited the results of the survey.

He said that the tax allowances would be provided for the production of various ships including ferry ships, tankers, sailed ships and fishing boats using steel, fiber glass and woods.

"We believe that the tax allowance and moratorium policy would make Indonesia an interesting place for shipping investors to invest their business here," he said.

Franky said the production of national shipping dock takes only 40 percent of their actual production capacity due to massive orders on foreign ships to operate in national waters.

The tax allowance policy was also expected to boost up national ship production which now only slightly supplies 0.3 percent to global ship market at the moment, he added.

He furthermore said that the tax allowance was also eventually expected to increase adoption of domestic components in the industry which now only uses 30 percent for their productions with the larger portion of 70 percent were now still imported from foreign countries.

Indonesia has prepared Tanngamus in Lampung province and Lamongan in East Java province to accommodate shipping dock yard industry areas, but investors are eyeing areas in Gresik, East Java, Bitung in North Sulawesi and Makassar in South Sulawesi province as their investment sites.

President Widodo said on Monday that he would issue a decree that bans state-run firms to import ships from foreign countries as he believes that national shipping docks were capable to supply the needs of ship for domestic market.

Indonesia mulls over incentives to boost national shipping dock industry - Xinhua | English.news.cn

 

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Jokowi Agrees to Inaugurate Indonesian Hospital in Gaza

Indonesian Medical Emergency Rescue Committee (MER-C) Indonesia announced that President Joko ‘Jokowi’ Widodo has expressed his willingness to inaugurate an Indonesian-funded hospital in Gaza Strip, Palestine.
"We have invited the President to inaugurate the hospital and he has expressed his willingness to do so,” said member of Indonesian MER-C Presidium dr. Jose Rizal Jurnalis in Jakarta on Thursday (18/6).

He also saud that MER-C Indonesian representatives on Wednesday met with the President to report that that the construction of the hospital has been completed.

The hospital, which began construction last year on 9,000 square-meters of land donated by the Palestinian Authority, is located only three kilometers from the Israeli border.

Its pentagon-shaped building was designed by an Indonesian architect. It also also serves as a token of friendship between Palestine and Indonesia and is a symbol of pride for Indonesians.

The cost of building the hospital amounts to approximately Rp30 billion (US$3.26 million). MER-C collected money through fund raising to cover the construction costs.

The two-story building is due to be fitted with 100 beds and will be staffed primarily by Palestinians with a few Indonesian volunteers.

Over the years, Indonesian volunteers have traveled to and from Palestine, including members of the MER-C. Earlier this month, 15 Indonesian volunteers from the Asia-Pacific Community for Palestine left the country for the Gaza Strip.

Jokowi Agrees to Inaugurate Indonesian Hospital in Gaza | National | Tempo.Co :: Indonesian News Portal

 

[NarThoD]

Trains Ordered for North-South Line of Jakarta Mass Rapid Transit System

Sumitomo Corporation (Head Office: Chuo-ku, Tokyo, President and CEO: Kuniharu Nakamura) and Nippon Sharyo, Ltd. (Head Office: Nagoya, Aichi, President and CEO: Akira Nakagawa) have been awarded a contract by MRT Jakarta (funded by Special Capital Territory of Jakarta; hereinafter, “MRTJ”) to supply 96 subway cars for Indonesia’s first subway line, the North-South Line of the Jakarta Mass Rapid Transit system. The contract is valued at 13 billion yen.

The cars provided under the contract will adopt the Standard Urban Railway System for Asia (STRASYA), an urban railway system developed by Japanese railway companies in partnership with the Japanese government to promote the export of Japanese railway systems to Asian countries. The basic idea of STRASYA is to achieve safer and more energy-efficient trains by utilizing the know-how on how to design and build reliable cars of the kind that are already used in Japan. Introducing these cars can improve punctuality and stability of operation while eliminating the need for frequent maintenance. The project represents the first time in two decades that newly built Japan-made trains will be introduced into the Indonesian railway system, where used Japanese trains are still playing an important role.

Indonesian president Joko Widodo has been a strong supporter of the Jakarta Mass Rapid Transit project since he was governor of Jakarta and has emphasized the importance of expanding infrastructure development to match the rapid population and economic growth currently underway. The project is also regarded as a flagship project of the Metropolitan Priority Area initiative aimed strengthening the strategic partnership between Japan and Indonesia and as such is a very important and high-visibility project for both governments.

Sumitomo Corporation and Nippon Sharyo have a track record in supplying trains globally, such as to the United States, Taiwan and the Philippines. In Indonesia, the two companies have partnered with a state-run company to jointly establish and operate a railway engineering firm, which has contributed to the community through technology transfer and developing the Indonesian railway industry. MRTJ is planning to extend its MRT tracks for about 8 kilometers in a northward direction and to build new tracks running across Jakarta in an east-west direction. With plans to build new railway systems in other Indonesian cities also in the works, Sumitomo Corporation and Nippon Sharyo expect to make further contributions while continuing to expand its share of the country’s railway market.

-Outline of the project
Length : 15.7 kilometers
Location : South Jakarta (from Lebak Bulus to Bundaran Hi)
Number of trains : 16 coaches (one coach is composed of six cars), 96 cars
Delivery time : 185 weeks (about three and a half years after starting construction)

sumitomo.co.jp
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RI to boost bilateral ties with Vietnam

The Indonesian and Vietnamese ministers of foreign affairs are scheduled to hold a meeting on Thursday afternoon in an attempt to boost the ties between the two countries.

"The meeting will review the cooperation between Indonesia and Vietnam over the last three years to see what we have done and what we can improve," said Indonesian Ambassador to Vietnam Mayerfas in a press conference on Thursday.

The meeting would be the second one after the last meeting in Hanoi in 2013.

Among the matters discussed will be economics and tourism cooperation.

The trade values between both countries reached US$5.8 billion in 2014, based on the Foreign Affairs Ministry data.

The ambassador said that both countries aimed to reach $10 billion in trade by 2018.

Mayerfas also added that there were currently 30 Indonesian companies in Vietnam from various industrial sectors, including property, food, paper and farming.

"We also want both countries to get to know each other better as I think Indonesia has not fully understood Vietnam as a country," he said.

The mutual understanding was also intended to boost the tourist industry, he added.

Indonesia aims to double the number of Vietnamese tourists to Indonesia to 80,000 people this year from 40,000 last year.

Meanwhile, there were 100,000 Indonesians who visited Vietnam last year.

The meeting will also mark the bilateral relation between both countries that has existed for 60 years. (fsu)
RI to boost bilateral ties with Vietnam | The Jakarta Post

 

[MarveL]

The Wall Street Journal

Working Toward Sustainable Global Fisheries
If the world begins fishing smarter—not harder—the dividends could immense.

The ocean is a frontier for sustainable growth. It offers increased food security, economic growth and value-added investment opportunities to nations willing to develop maritime resources without using them up. Yet there is an urgent need to deal directly with declines in the value and harvest of wild-capture fisheries around the world.

Globally, marine fisheries support 260 million jobs, add more than $270 billion to global gross domestic product and provide 3 billion people with nutritious sources of protein. But half of these fisheries produce less seafood, jobs, value and biodiversity than they could otherwise. This is primarily due to perverse incentives, weak laws, poor enforcement, unreported harvests and widespread poaching.

Specific political and economic measures and investments are required to deal with these challenges. Governments need to reduce overfishing, enforce regulations of illegal fishing and enable those with the legal right to manage these resources. There is growing evidence that the benefits of such incremental investments far outweigh the costs. Countries that understand this are taking action.

In Indonesia, overfishing is rampant. Illegal, unregulated and unreported fishing costs the economy more than $20 billion each year. The government has responded with a series of important measures, including a prohibition on the use of all trawl and seine nets, size limits and restrictions on important species that are in decline, a moratorium on new fishing licenses for foreign built vessels, and the destruction of illegal vessels that threaten Indonesia’s sovereignty and prosperity.

Underscoring the demand for seafood, during the first quarter of 2015 Indonesia’s fisheries industry grew at twice the national rate. Catches for certain fish are also up, with Indonesia’s tuna yield increasing 80% from April to May of this year. Now the challenge is to ensure that these fisheries are sustainable, otherwise such benefits will quickly erode.

There are examples to suggest that this goal can be achieved. Over the past 14 years, the U.S. has accomplished a dramatic reversal in the state of fisheries in its federal waters by improving governance, empowering responsible domestic fishermen, discouraging poachers and increasing transparency. It has slashed the number of overexploited stocks to 37 from 92, while increasing the number of rebuilt populations. The number of fishing jobs in recent years has increased 23% while revenues are up 30%.

There’s every reason to believe that other countries can bring about similar transformations in their waters, and there are compelling incentives to do so. New research shows we can increase profits in the global fishing sector by $74 billion a year if fisheries are managed sustainably. Even though fisheries are currently being heavily harvested in most countries, global fish production could rise by 14% if we fished smarter, not harder. This transition to ocean prosperity could also come fast, unfolding on average within a decade. While it isn’t free, the benefits from transitioning from business-as-usual far outweigh the costs, on the order of 10 to one.

The same research, however, suggests that the alternative scenario of continuing with business as usual is a dark one—a dramatic fall in fish production and a steady erosion in profits until the sector becomes a net money loser, unable to survive without substantial subsidies from the government.

There is no reason to passively accept this narrative. What is required are for more leaders to work with fishers and private-sector partners to achieve investment opportunities that implement reforms and unlock the value fisheries hold for those that rely on them.

Ms. Pudjiastuti is Indonesia’s minister of marine affairs and fisheries. Ms. Lubchenco is on the faculty at Oregon State University and was from 2009 to 2013 the administrator of NOAA and under secretary of commerce for oceans and atmosphere.

Working Toward Sustainable Global Fisheries - WSJ