By: Omar Silva

Editor: National Perspective Bz DIGITAL 2024

www.nationalperspectivebz.com

Belize City: Sunday, 3rd November 2024

As Belize positions itself on the global stage in the blue economy sector, the government has launched its Blue Economy Investment Promotion Strategy and Action Plan, a joint effort with Beltraide and the Inter-American Development Bank (IDB). Yet, beyond the lofty promises and ribbon-cutting rhetoric, we need tangible, well-structured plans that go beyond the surface level. For Belize to truly benefit from its marine resources, here is a comprehensive blueprint that the government should prioritize.

1. Sector-Specific Development Goals for Fisheries, Energy, and Biotechnology

A truly impactful blue economy strategy should be tailored to Belize’s specific strengths and resources. For instance, our fisheries and aquaculture industries could be revolutionized by adopting advanced aquaculture techniques. Investments in hatchery technology, sustainable feed, and robust monitoring systems would boost production and allow Belize to target international markets with certified, high-quality marine products.

The government should also explore renewable energy from the ocean, including tidal and wave projects. Such pilot initiatives could attract green investors and provide jobs while showcasing Belize as a renewable energy innovator. Another untapped sector is marine biotechnology, with potential in pharmaceuticals, cosmetics, and health supplements. R&D partnerships with universities and research bodies could propel Belize as a bioresource leader, a smart move for economic diversification.

2. Regulatory and Environmental Protections: Long-Term Planning for Sustainability

Belize’s marine ecosystem is one of our most valuable assets, and we need policies that protect it. A Marine Spatial Planning (MSP) framework would designate specific zones for various activities such as sustainable fishing, tourism, and conservation. With buffer zones and controlled access in vulnerable areas, Belize could set an example for environmental stewardship, providing security to both investors and the environment.

Additionally, stricter fishing regulations must be introduced to prevent overfishing and ensure sustainability. Responsible fishing licenses and sustainable practices would protect marine biodiversity, giving investors’ confidence that Belize’s resources are here for the long haul.

3. Financial Incentives and PPPs to Stimulate Investment

To attract investors without overburdening taxpayers, the government should establish a Public-Private Partnership (PPP) framework for blue economy projects. Coastal infrastructure, eco-tourism, and sustainable fisheries could benefit from PPPs, which share financial risk and bring expertise from the private sector. Tax breaks or subsidies for eco-friendly businesses adopting sustainable practices would signal Belize’s commitment to responsible growth and create accountability.

4. Capacity Building for Coastal Communities and Youth

Belize’s blue economy should not only be about foreign investors; it should also empower Belizeans, especially those in coastal communities. Training programs in sustainable fishing, marine management, and other skills would directly integrate locals into new projects, ensuring that blue economy development benefits the people who depend on it most.

Furthermore, the government should partner with educational institutions to offer programs in marine biology, oceanography, and sustainable development. Building expertise locally would support Belize’s blue economy future and give youth a direct path to careers in this critical sector.

5. International Trade and Market Access for Marine Products

A successful blue economy strategy will ensure Belize’s products reach international markets. An export strategy that leverages “Made in Belize” certifications for sustainably sourced goods would set Belize apart. Establishing standards aligned with global environmental expectations would add a competitive edge, making Belize’s products more desirable internationally.

A digital Blue Economy Hub would allow Belizean businesses to connect with global markets, investors, and service providers, ensuring that the flow of information and opportunities is transparent and accessible.

6. Measuring and Monitoring for Accountability and Transparency

Accountability has long been a challenge, but the blue economy offers a chance to set a new standard. The government should create a comprehensive impact monitoring system that tracks environmental effects, social benefits, and economic progress, with regular public updates. This system would ensure that projects are beneficial and sustainable while allowing for adjustments based on data-driven insights.

7. Long-Term Vision with Milestones and Accountability

Any worthwhile strategy needs clear goals and timelines. Belize’s blue economy plan should set short-term, medium-term, and long-term objectives with measurable outcomes—such as increasing marine reserve areas, reducing pollution, and creating local jobs. A five-year blueprint with achievable milestones will signal to Belizeans and investors alike that our blue economy ambitions are serious and achievable.

These seven critical areas highlight what a genuine commitment to Belize’s blue economy should look like. If the present government aims to position Belize as a global leader in this sector, it must move beyond superficial declarations and start implementing a structured, well-funded, and transparent plan that safeguards Belize’s natural wealth while fostering inclusive growth. Without practical steps, promises of a "blue economy" remain nothing more than blue-sky thinking.