2018/19 Budget Communication 2018_2019 BUDGET COMMUNICATION | Page 52

need to maximize the enormous economic potential
presented by the ocean, while preserving it. In this regard,
the Blue Economy can be broadly defined to include
economic activity that directly or indirectly uses the sea as
an input. The concept of the Blue Economy includes the
simultaneous promotion of economic growth, environmental
sustainability, social inclusion and strengthening of oceans
ecosystems. For small island states such as The Bahamas,
although traditional industries and sectors - fisheries,
maritime transport and coastal tourism - represent a large
portion of economic activity, articulating a strategy around
our
blue economy also enables identification and
diversification into many other new and emerging ocean-
based activities and sectors, including marine aquaculture,
seabed mining, maritime safety and surveillance, marine
biotechnology, marine security offshore wind energy, ocean
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