Trinidad and Tobago’s Minister of Planning, Economic Affairs and Development, Kennedy Swaratsingh, says developing the national and regional blue economy can contribute to a more robust and diverse economy, create jobs, and build the country and region’s capacity in ocean affairs. Minister Swaratsingh was speaking at the opening of the conference Ocean-Based Climate Action in Support of Blue Economy Advancement in Trinidad and Tobago and the Wider Caribbean in Trinidad and Tobago.

For Minister Swaratsingh, developing the marine economy goes hand in hand with the restoration and preservation of Caribbean marine ecosystems. “Our goal is to act decisively and make Trinidad and Tobago a model of marine resilience. By restoring coral reefs and mangroves, we create natural defenses against storms, while absorbing carbon. Studies show that ecosystems reduce climate costs by billions annually. By investing in them today, we are safeguarding our nation and region.”

He noted the development and expansion of marine and sea-related economies in recent years, and the potential for even more in coming years. “A future-oriented blue economy unlocks industries and careers unimaginable a generation ago – aquaculture engineering, marine data analytics, and offshore renewable energy entrepreneurs are examples of these. For Trinidad and Tobago, these fields offer high-value jobs for youth. Training and partnerships can help us retain talent, build expertise, and prepare our workforce for growth.”

ECLAC Caribbean Director Miosotis Rivas Peña emphasized how important the global blue economy is to every facet of life. “Consider this: if the marine economy were a sovereign nation, it would rank as the world's fifth largest, commanding an estimated value of USD 2.5–3 trillion, equivalent to 4–5% of global GDP. Globally, 600 million individuals rely on the ocean economy for their sustenance and livelihoods, with 10% to 12% of the global population directly engaged in the fisheries and aquaculture sectors.”

Director Rivas Peña also noted that environmental degradation poses a serious threat to the stability and survival of Caribbean ocean space, and that Small Island Developing States face the most severe consequences of climate change.

Director of the Institute of Marine Affairs (IMA), Dr. Ava Maxam, stressed that the “Caribbean Sea represents 1% of the world’s ocean area but contributes to 20% of the global economy. The richness of our oceans and our natural marine resources, however, are under threat.” She said collaboration is key for preservation and protection of the sea: “Partnerships between government, private sector, academia, youth, and civil society are essential. In advocating for the sustainable exploitation of ocean resources with ocean-based climate action in the region, our seminar today could not be more opportune.”

Ambassador of the Republic of Korea to Trinidad and Tobago, Seijoong Kwon, outlined some of Korea’s blue economy programmes, its innovation in marine science, and its collaboration with Caribbean governments on marine ecosystem preservation. The seminar, a joint effort of ECLAC, IMA and the Republic of Korea featured panels on climate change and economic diversification, with presentations on digitalization in the context of the blue economy, ocean resource management, and unlocking blue finance in Caribbean SIDS, among others.