CARICOM Chief Highlights $407 Billion Ocean Economy as Key to Regional Prosperity

The Caribbean Community (CARICOM) is positioning its ocean economy as a transformative force for regional development, with Secretary General Carla Barnett highlighting a World Bank valuation of approximately US$407 billion as a catalyst for sustainable growth and job creation.

Speaking Tuesday at the Regional Consultation on the Draft CARICOM Ocean Governance Policy, Barnett emphasized that the figure “is not just a number” but a reflection of the region’s deep-rooted maritime industries – including tourism, fisheries, and aquaculture – that form the backbone of Caribbean economies.

“Tourism alone contributes nearly 50 percent of GDP in the Eastern Caribbean, while our fisheries sector directly employs over 120,000 people and supports regional food security,” Barnett said. “We must make these sectors more productive, resilient, and sustainable.”

Beyond traditional industries, Barnett pointed to the rapid expansion of the blue economy into emerging sectors such as maritime transport, marine renewable energy, and marine biotechnology. Efficient and reliable shipping networks are essential, she noted, for improving regional connectivity and trade.

She also spotlighted marine multitrophic aquaculture – an ecosystem-based approach to seafood production – as a sustainable alternative to conventional methods. Offshore wind and ocean energy projects, she added, could significantly reduce the region’s dependence on imported fossil fuels.

Looking ahead, Barnett highlighted the potential of marine biotechnology, a sector projected to grow to US$13 billion, and underscored the importance of international agreements like the Biodiversity Beyond National Jurisdiction (BBNJ) and Nagoya Protocols in enabling access to marine genetic resources.

“These emerging industries are key to diversifying our economies and building resilience against global shocks,” Barnett said. “This is about more than economic data — it’s about securing a prosperous, sustainable future for generations across the Caribbean.”

The draft CARICOM Ocean Governance Policy aims to harmonize regional efforts in marine conservation, sustainable development, and climate resilience, setting the stage for a unified blue economy strategy across member states.