IDB confirms support for development of blue economy

Plans are afoot to transform Barbados’ blue economy into a sector that can significantly boost the island’s economic fortune.

In fact, acting Permanent Secretary in the Ministry of Maritime Affairs and the Blue Economy, Sonia Foster said that was one of the main reasons why that ministry was established.

She made the comments during yesterday’s virtual Barbados Blue Economy Sensitization workshop hosted by the Inter-American Development Bank (IDB).

Speaking in Minister Kirk Humphrey’s scheduled slot in his absence, Foster said “As we all know the ministry was just recently created and the intention of the ministry was to make strategic plans for the sustainable development of Barbados’ maritime space and the blue economy.

“One of the main objectives of the ministry is for the sector to become a significant contributor to the Barbados economy,” Foster said.

“In order for the ministry to be effective in creating the ultimate enabling environment that would allow the sector to thrive and develop as it should, the ministry must therefore operate within an administrative framework that itself is enabling. It is therefore imperative that the ministry acquires the skills in the short term to assist with the development of its promotion of blue initiative ideas as well as the creation of a robust marketing strategy in order to develop a communication or public outreach programme and awareness strategy.”

The IDB’s representative in Barbados, Juan Carlos De La Hoz Vinas, gave the assurance that the international organisation was willing to lend assistance wherever possible.

He said it was especially important for countries such as Barbados to find ways to foster economic growth in light of the COVID-19 pandemic.

“We are pleased to be supporting the Government of Barbados in the development of its blue economy sector. This is particularly fitting during this time when countries are struggling and trying to figure out ways to foster economic growth and diversification,” he noted.