NASSAU, The Bahamas – Prime Minister, the Most Hon. Dr. Hubert Minnis has foreshadowed a Blue Economy Initiative as one of the priorities on his list for the further development of The Bahamas.

He made the announcement in his first National Address for 2019, which was broadcast live on TV and radio stations across the country on Monday, January 28.

The address was the first in three planned National Addresses aimed at keeping the country updated on the government’s agenda over the coming weeks.

The Prime Minister noted that The Bahamas with a population of about 400,000, is one of the largest archipelagos in the world taking into account its islands, islets, coral reefs and cays.

And he envisioned a better sustainable advantage of preserving these natural environs with his government’s proposed Blue Economy Initiative.

In this vein, the government has secured a non-reimbursable grant from the Inter-American Development Bank of $500,000 to finance a three-year technical cooperation project that focuses on the Blue Economy and the Digital Economy, the Prime Minister revealed.

“The Blue Economy Initiative is a part of our vision for growth, diversification and economic expansion and opportunity for current and future generations,” he said. “We are planning for short, medium and long-term growth and diversification.”

The Prime Minister explained that the initiative is an evolving concept that highlights the need to capitalize on the extensive economic potential that can be found in the ocean, including economic activity that uses the sea, as an input either directly or indirectly.

The initiative will also include fisheries, maritime transport, and coastal tourism.

“It will also enable us to diversify into many new and emerging ocean-based activities such as marine aquaculture, seabed mining, maritime safety and surveillance, maritime biotechnology, marine security and other areas,” the Prime Minister said.