Blue Economy

he Ministry of Blue Economy and Disaster Risk Management, in accordance with its Blue Investments strategic objective, is vigorously exploring new blue industries that can contribute to growing Belize’s Blue Economy in a manner that is sustainable and inclusive.

Ministers of responsible for Fisheries, Aquaculture, and the Blue Economy from Member States of the Caribbean Regional Fisheries Mechanism (CRFM) deliberated on Friday, 26 April, at the 18th Regular Meeting of the Ministerial Council of the CRFM on the priority actions needed to advance sustainable development of the fisheries and aquaculture sectors, while addressing critical matters such as evidence-based decision-making; climate resilience, including insurance for fishers; illegal unreported, and unregulated fishing; Sargassum seaweed; bolstering regional and global trade; capacity building and knowledge management; and growing the Caribbean blue economy.

Since 2013 the Turneffe Atoll Sustainability Association (TASA) has received its mandate as the official co-manager of the marine reserve from the Government of Belize through the Belize Fisheries Department. The award-winning nonprofit blends traditional engagement strategies and technology to redefine marine conservation and improve management effectiveness, which IUCN defines as ‘how well-protected areas are managed.’

The Government of Belize has identified investment in priority sectors, as a key driver of economic development. BELTRAIDE is supporting the Inter- American Development (IDB) in building a strategy to attract foreign direct investment specifically in the Blue Economy, to complement existing business operations. The development of the strategy is being led by OCO Global, a technology based advisory firm focused on trade, investment, and economic development.

A new US 48 million dollar project to strengthen the foundation for blue economic growth and sustainable development of marine living resources by focusing on marine spatial planning, area-based management, and climate-smart sustainable seafood value chain development has commenced. The Caribbean Regional Fisheries Mechanism (CRFM), the Food and Agriculture Organization of the United Nations (FAO), and the Development Bank of Latin America and the Caribbean (CAF), are partnering to implement the four-year project in the region.

Belize’s Prime Minister, the Honourable Dr. John Briceño, is the new Vice President of the SIDS DOCK, a Small Island Development States initiative for sustainable development. Briceño’s appointment to represent the Caribbean region was determined by acclamation and occurred during the seventh session of the SIDS DOCK Assembly held virtually on Monday, September 25th. It was held within the margins of the General Debate of the 78th United Nations General Assembly session at its headquarters in New York City, New York, USA. Briceño will start his term in January 2024. During the event, he spoke about a $50USD million initiative to mitigate against the sargassum seaweed invasion affecting Caribbean economies.

The Inter-American Development Bank (IDB) approved a $7 million loan to Belize to help it sustainably expand its blue economy. The program’s overall objectives are to increase the earning potential of artisanal fishers and keep fishery exports high while promoting sustainable use of the country's commercial marine resources.

On August 4, 2023, the Ministry of Agriculture, Food Security and Enterprise, in collaboration with the Food and Agriculture Organization of the United Nations, held a validation workshop for the draft National Agriculture and Food Policy. The event was held at Kiki Witz Resort, Belmopan. It was attended by public and private sector representatives and technical personnel from various ministries.