From Ports to Prosperity: Leveraging Maritime Sector for Poverty Reduction

Abstract

The maritime sector has the potential to integrate economic development, environmental conservation, and social inclusion, contributing not only to a country's economic growth but also to maintaining social and economic balance. Ports play a significant role in increasing the welfare of local communities and providing job opportunities. This article highlights the pivotal role of the maritime sector in reducing poverty by generating employment and creating economic value. The employment opportunities and economic value provided by ports play a crucial role in poverty reduction. Using a literature review, the economic significance of ports in Singapore, Norway, Bangladesh, Indonesia, and Nigeria is examined, emphasizing the strength and impact of the maritime sector. These success stories, including Singapore's global trade role, Norway's sustainable maritime practices, Bangladesh's economic development through ports, Indonesia's potential for maritime sector development for growth, and Nigeria's poverty alleviation efforts through ports, are just a few examples. Successful instances underscore the potential of the maritime sector in reducing poverty. By combining economic growth, environmental sustainability, and social inclusivity, this sector can serve as a significant tool in combating poverty.