Thursday, August 13, 2020

Govt moving aggressively to develop Blue Economy

Michael Pintard - Minister of Agriculture and Marine Resources

By Chester Robards

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 aquaculture will be an important component.

Pintard, who was presenter for the Inter-American Development Bank’s (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’s abundance of marine area and marine resources.

“The importance of developing aquaculture is extremely important for the Bahamas. This is an area that is underutilized,” said Pintard.

“As you are aware, more than 50 percent of fish that is consumed is actually grown rather than harvested from the oceans.

“In the case of The Bahamas, we’re 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 domestically and internationally in the sector.”

In terms of marine resources, Pintard said the country has also lost opportunities to gain 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.  Read more >>