Jampro targets blue economy for growth

he Jamaica Promotions Corporation (Jampro) said it will be going after newer industries such as the blue economy as it pushes to drive diversification and bring greater value-added for the country.

According to the European Commission, the blue economy involves “all economic activities related to oceans, seas and coasts.” It entails the sustainable use of ocean resources for economic growth, improved livelihoods and job creation while preserving the health of ocean ecosystems.

With the oceans, seas and coastal areas categorised among large contributors to food security and poverty eradication, and some 80 per cent of world trade now being achieved through the sea, the blue economy through its vast water resources has been dubbed by many, including the United Nations, as the “next great economic frontier”.

President of Jampro Shullette Cox said that while her agency was not yet clear about what it wanted to do in this industry, it is being eyed as a new area for growth.

“We haven’t quite narrowed down on what we will be pushing in this area, but we definitely see it as an area from which we can extract growth. We have more Jamaican territory in water than we do on land and so it is a huge opportunity that we will be looking into, across all its elements, to see what areas we can get into,” she told journalists at a recent Jamaica Observer Business Forum.

Further speaking at the forum, the president also identified existing industries which she said are being primed to bring increased gains for the locally economy, especially in the post-COVID era when the need for economic diversification intensifies.

“When we think of tourism, we’ve traditionally done the all-inclusive and leisure concept but right now we are pushing other segments such as business tourism. Similarly, with the opening up of St Thomas and Portland, we’re also looking to see a lot more eco-tourism being facilitated as a result,” she said.

“Attractions is another area, which for a very long while we have not been actively promoting, but as the room count grows, attractions are going to become a lot more important especially if we want to ensure that the money gets spent in the economy. There is also a push behind medical tourism as we work to deepen the industries that we already have,” she added.

https://www.jamaicaobserver.com/business/jampro-targets-blue-economy-for-growth/

Source: Jamaica Observer