GEORGETOWN, Guyana (CMC) –  Secretary General of the Caribbean Community (Caricom), Dr  Carla Barnett, says the decision of the World Bank to place a value of approximately US$407 billion on the region’s ocean economy ‘represents a vast, untapped potential to catalyse economic growth, create jobs and foster prosperity for our citizens”.

Addressing the Regional Consultation on the Draft Caricom Ocean Governance Policy on Tuesday, Barnett said the World Bank figure “is not just a number” but also represents the long-standing economic pillars of coastal tourism, fisheries and aquaculture.

“Tourism, for example, accounts for an estimated 50 per cent of the Eastern Caribbean’s gross domestic product (GDP). Our fisheries sector provides direct employment for over 120,000 fishers and supports thousands more indirectly. It is essentially a cornerstone of regional food security.  We must make these pillars more productive and sustainable,” said Barnett.

But Barnett said that the blue economy is expanding and that the region is actively cultivating emerging industries, such as maritime transport, which is crucial, and must be reliable and efficient, in order to improve the movement of goods and people.

She also referenced marine multitrophic aquaculture as a pathway to sustainable, ecosystem-based seafood production as well as marine renewable energy to reduce reliance on fossil fuels.

Barnett said that region is also looking to be involved in marine biotechnology applications, which are projected to double to a 13-billion-dollar industry and that the Biodiversity Beyond National Jurisdiction (BBNJ) and Nagoya Protocols offer critical pathway to these industries.

“These sectors are pivotal for diversifying our economic base and reducing vulnerability to global shocks. This is not merely about economic statistics, it is about tangibly securing a prosperous future and a legacy of sustainability for all spheres of our society,” said Barnett.