Wednesday, Aug 21, 2019
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PM touts development of govt’s Blue Economy Initiative

The “blue economy” is in the government’s sights for further development and investment, Prime Minister Dr. Hubert Minnis said yesterday, adding that economic initiatives will focus on fisheries, maritime transport, and coastal tourism activities.

The term “blue economy” refers to the sustainable exploitation of the marine environment in concert with its preservation. Minnis, who mentioned the development of the blue economy in his publicly broadcasted national report yesterday, said developing the blue economy will allow the country to explore the development of sectors such as marine aquaculture, seabed mining, maritime safety and surveillance, marine biotechnology, and marine security.

“Despite our small population of under 400,000, The Bahamas is a big ocean nation,” said Minnis.

“In terms of the number of islands, islets, reefs, coral reefs and cays, The Bahamas is one of the larger archipelagos in the world. How can we take better sustainable advantage of our waters? Our Blue Economy Initiative is on our priority list of growth measures.”

Minnis said the government’s Blue Economy Initiative is crucial to its plan for economic growth, diversification, and expansion. He added that investment in ocean-based initiatives will also create opportunity for current and future generations of Bahamians.

“The initiative is an evolving concept that highlights the need to capitalize on the extensive economic potential that can be found in the ocean, including economic activity that uses the sea as an input either directly or indirectly,” he said.

“The government has already secured a non-reimbursable grant from the IDB (Inter-American Development bank) of $500,000 to finance a three-year technical co-operation project that focuses on the blue economy and the digital economy.”

According to the prime minister, his government is developing short-, medium- and long-term growth and diversification plans for the Blue Economy Initiative.

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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