{"id":81291,"date":"2020-08-13T14:00:28","date_gmt":"2020-08-13T14:00:28","guid":{"rendered":"https:\/\/www.bahamastradeinfo.gov.bs\/buy\/?p=81291"},"modified":"2020-08-13T14:04:03","modified_gmt":"2020-08-13T14:04:03","slug":"government-moving-aggressively-to-develop-blue-economy","status":"publish","type":"post","link":"https:\/\/www.bahamastradeinfo.gov.bs\/buy\/2020\/08\/13\/government-moving-aggressively-to-develop-blue-economy\/","title":{"rendered":"Government Moving Aggressively to Develop Blue Economy"},"content":{"rendered":"

\"TheAccording to the World Bank, the blue economy is the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.”<\/strong><\/p>\n

Robust legislation and policy to govern sector<\/h3>\n

Government plans to undertake an aggressive campaign to create legislation and policy to expand the development of the Blue Economy, especially aquaculture, Minister of Agriculture and Marine Resources Michael Pintard said Wednesday, adding that domestic and international investment in\u00a0aquaculture will be\u00a0an important component.<\/p>\n

Pintard, who was presenter for the Inter-American Development Bank\u2019s (IDB) webinar on the Blue Economy, said aquaculture will become extremely important for The Bahamas, especially given, he said, that much of the fish consumed in the country is farm-raised and imported, despite the country\u2019s abundance of marine area and marine resources.<\/p>\n

\u201cThe importance of developing aquaculture is extremely important for the Bahamas. This is an area that is underutilized,\u201d said Pintard.<\/p>\n

\u201cAs you are aware, more than 50 percent of fish that is consumed is actually grown rather than harvested from the oceans.<\/p>\n

\u201cIn the case of The Bahamas, we\u2019re going to go on an aggressive campaign in terms of putting in place robust legislation and policy to govern that sector, but then to move to attract investment both\u00a0domestically and internationally in the sector.\u201d<\/p>\n

Benefit sharing arrangements to be utilized<\/h3>\n

In terms of marine resources, Pintard said the country has also lost opportunities to\u00a0gain financially through benefit sharing agreements with big companies that have made discoveries in cosmetics and pharmaceuticals from marine life in Bahamian waters, but left the country without The Bahamas accruing any benefit from the resources they harvested.<\/p>\n

\u201cOthers have come into The Bahamas\u2026 we have numerous agencies from around the world and universities that study our marine environment,\u201d he said.<\/p>\n

\u201cUnfortunately, they have taken advantage of it. And, so, you have multinational corporations that have benefited in the area of cosmetics, in the area of medicine, utilizing research that they have conducted in The Bahamas.<\/p>\n

\u201cAnd, so, through the access benefit sharing arrangements, now we want to make sure that we carefully monitor those who come in who are presumably friends, but were acting narrowly in their own interests, to ensure that we benefit from our patrimony.\u201d<\/p>\n

Pintard contended that the country has to alleviate local competing interest in the Blue Economy so that\u00a0synergies are created between the departments and sectors that depend on The Bahamas\u2019 marine environment.<\/p>\n

\u201cWhat is the best way to amalgamate ministries so we don\u2019t have division of political objectives, as well as a division of resources?\u201d he asked.<\/p>\n

\u201cThat\u2019s very difficult, even through inter-sectorial cooperation, to deploy these resources for a common purpose.\u201d<\/p>\n

Source: Nassau Guardian<\/a>\u00a0<\/strong><\/em><\/p>\n

—————————<\/p>\n

The ocean has traditionally offered enormous opportunities for The Bahamas in fisheries, marine transport, and coastal tourism.<\/strong><\/p>\n

Click here to read more about The Bahamas’ Seafood Sector<\/strong>:\u00a0https:\/\/bit.ly\/3kH2UIv<\/a><\/strong><\/p>\n

Click here to read more about The Bahamas’ Mined Products Sector<\/strong>:\u00a0https:\/\/bit.ly\/2XXAjF2<\/a><\/strong><\/p>\n

Click here to read more about The Bahamas’ Maritime & Logistic Services Sector<\/strong>:\u00a0https:\/\/bit.ly\/3fQiUEB<\/a><\/strong><\/p>\n

Click here to read more about The Bahamas’ Tourism Sector<\/strong>:\u00a0https:\/\/bit.ly\/31N5wfj<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Accoring to Minister of Agriculture and Marine Resources Michael Pintard the government plans to undertake an aggressive campaign to create legislation and policy to expand the development of the Blue Economy, especially aquaculture.<\/p>\n","protected":false},"author":16,"featured_media":81292,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-81291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nGovernment Moving Aggressively to Develop Blue Economy - 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