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  • Director of Economics at the Caribbean Development Bank (CDB), Dr. Justin Ram, says the organisation is considering the establishment of blue economy satellite accounts for borrowing countries.
  • The initiative will enable member States to measure the direct contribution of the blue economy to national development. This will provide for more timely, valuable and accurate data for strategic planning and decision-making.
  • “We have already done satellite accounts for health, tourism, culture and sports, and we believe that we can now develop this for the blue economy,” Mr. Ram said.

Director of Economics at the Caribbean Development Bank (CDB), Dr. Justin Ram, says the organisation is considering the establishment of blue economy satellite accounts for borrowing countries.

The initiative will enable member States to measure the direct contribution of the blue economy to national development. This will provide for more timely, valuable and accurate data for strategic planning and decision-making.

“We have already done satellite accounts for health, tourism, culture and sports, and we believe that we can now develop this for the blue economy,” Mr. Ram said.

“We are prepared to work with all of our borrowing member countries… . We would be happy to speak with you, so that we can work with your national statistical agencies,” he added.

Mr. Ram was addressing the High Level Symposium for Transport Ministers of the Caribbean Region on Wednesday (February 27), at the Iberostar Hotel in Rose Hall, St. James.

Director of Economics at the Caribbean Development Bank, Dr. Justin Ram, addresses stakeholders at the High Level Symposium for Transport Ministers of the Caribbean Region on Wednesday (February 27), at the Iberostar Hotel in Rose Hall, St. James.

 

The blue economy refers to the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, as well as ecosystem health.

Some of the activities that the blue economy encompasses are renewable energy, fisheries, maritime transport, tourism, climate change as well as waste management.

Eight CARICOM transport ministers with responsibility for maritime affairs participated in the High Level Symposium.

The countries represented are Jamaica, Antigua and Barbuda, The Bahamas, Barbados, Guyana, St. Lucia, Dominica, and St. Vincent and the Grenadines.