NASSAU, BAHAMAS — Prime Minister Philip Davis yesterday reaffirmed his government’s commitment to expanding the Blue Economy while noting that The Bahamas’ fisheries sector holds significant potential with regard to reducing the country’s trade deficit.
While addressing the 76th Gulf and Caribbean Fisheries Institute conference, Prime Minister Davis noted that his administration has pledged to modernize the fishing industry, create opportunities in ocean sciences, and protect the country’s sea and marine life.
He added that his administration has also pledged to safely and sustainably develop industries around marine biotechnology, aquaculture, and deep-sea exploration.
“From day one, developing sustainable fisheries and expanding our Blue Economy has been a major priority. Our goals are fully aligned with the objectives of Sustainable Development Goal 14, which is appropriately dubbed “Life Below Water.” It entreats us to ‘conserve and sustainably use the oceans, seas, and marine resources for sustainable development.’
“This means not only maximizing the economic returns of our fisheries – an industry that employs tens of thousands of Bahamians, underpins our tourism product, and bolsters local food security – it also means enacting sustainable policy measures, expanding protected areas, and rolling out educational campaigns to support the preservation of what is, in effect, the world’s largest ecosystem,” said Davis.
He further noted that in 2015 the exports of fish and fisheries products accounted for 31 percent of Bahamian exports, generating some $80 million dollars annually.
“Exports in the sector are a valuable source of foreign currency and, even more significantly, they have produced a positive trade balance,” said Davis. “With fishery imports coming to roughly a third of the profits of corresponding exports, the fisheries sector serves as a promising contributor to reducing our trade deficit.”
Davis acknowledged that fisheries in The Bahamas, like many other Caribbean nations, grapple with the devastating effects of climate change, habitat degradation, and unsustainable fishing practices, including poaching.
“In tackling these issues, we stand to gain vital insights by mobilizing research and technologies, especially up-to-date data collection methods. The tools and techniques of the natural sciences can empower members of our society to play a more active and informed part in preserving life below water. Data collection will give governments a better grasp of what’s happening on the ground (or in this case, on the water), which will lead to more effective policy interventions,” Davis noted.
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