Economic Toll of Illegal Activities in the Western Indian Ocean

The Western Indian Ocean (WIO) holds immense Blue Economy potential, valued at USD 333.8 billion. Yet, maritime insecurity threatens this growth, causing annual losses of USD 1.14 billion from illegal activities. Despite reduced piracy, ongoing threats jeopardize coastal economies and ecosystems, necessitating urgent, sustainable regional security initiatives for economic stability.

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IMO and South Korea Partner to Combat Piracy in the Gulf of Guinea

The International Maritime Organization (IMO) and the Republic of Korea (RoK) are launching the SMART-C Maritime Security and Counter-Piracy project to enhance Gulf of Guinea coastal States’ capabilities against piracy. Funded by a $3 million pledge from RoK, the initiative focuses on strengthening cooperation, training, and regional coordination for maritime safety.

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