Municipalities in metro are looking at opportunities for regionalization in the area, and one for their key focuses could be the ocean economy.

According to CBS Mayor Darrin Bent, they along with St. John’s, Mount Pearl and Paradise have agreed to move on to phase two of a regional economic development strategy.

He says such a strategy allows the municipalities to pinpoint opportunities that could benefit everyone.

Bent believes one of those opportunities is the ocean economy.

He says once the region establishes itself as a target market for businesses, he believes the ocean economy is “the way to go” because we are surrounded by water and there are many businesses that need access to that resource and ports.