Jamaica’s Blue Economy benefits from US$400,000 in technical assistance administered by the World Bank through the PROBLUE Trust Fund Initiative, which is aimed at supporting the sustainable development of blue economies of Small Island Developing States.

Speaking yesterday (Wednesday, May 24, 2023) at the Jamaica Blue Economy Framework Project Stakeholders’ Validation Workshop in Kingston, Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Matthew Samuda, noted that the Project facilitated a baseline assessment of Jamaica’s blue economy, which has been expanded to include the development of a draft roadmap and financing options paper.

“We have been taking care of the development of the varying sectors and segments of our blue economy; what we have lacked for a long time is cohesive strategy and management, and I think this roadmap and this exercise give you that route to cohesion and that is something that we are particularly excited about,” Minister Samuda said.

Minister Samuda added that “the implementation of the recommendations under the roadmap will indeed provide Jamaica with the opportunity to use the Blue Economy to realize the development aspirations reflected in Vision 2030”.

The Blue Economy Framework Project aims to create an enabling environment for the further development of Jamaica’s blue economy and the sustainable use and management of the country’s ocean and marine resources.

“The project can set us on a more cohesive path. We need to work in a manner that accepts the scale of the opportunity that the blue economy provides us…the blue economy can be three trillion (dollars) in 15 years if we do the right things today,” the Minister noted.

Minister Samuda further noted that the Blue Economy offers Jamaica huge opportunities for sustainable economic development, adding that its contribution to Gross Domestic Product is approximately 20 percent.

“Our ocean’s resources are not unending; they are vast but not unending. Therefore, the sustainable management of our blue assets is also important,” he added.

Minister Samuda listed among the assets of the island’s blue economy, the significant opportunities for sustainable fishery practices; the ability to supply the regional needs of jobs in the blue economy, as well as the investment in blue talent and ocean education through institutions such as the Caribbean Maritime University and the University of Technology.

The ‘PROBLUE’ initiative involves a US$200 million multi-donor trust fund administered by the Bank and is aimed at helping countries, such as Jamaica, to chart their course toward a sustainable blue economy.
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