For a long
time, we have defined ourselves as a small island with limited land, and this
has to a large extent define our economic perspectives. Today, we see ourselves
as a large ocean state when we factor in our Exclusive Economic Zone of 2.3
million square kilometres including the Chagos region, and a continental shelf
of 396,000 square kilometres co-managed with the Republic of Seychelles. Hence,
the Blue Economy is seen as a driver of future growth.
Ocean Economy is the “proportion of the economy that relies on the ocean as an
input to the production process”. The Blue Economy is the simultaneous
promotion of economic growth, oceanic sustainability (sustaining ocean
resources and ecosystem), and social inclusion. At the heart of our strategy is
the human perspective and ocean health. Our vision is to double our blue GDP to
20 percent in the medium term, while realizing social economic development and
dynamic balance of resources and environment.
We are focused
on revitalizing the economy with mineral resources development, ship building,
ship registration, communication cable laying, pharmaceutical enterprises,
sustainable energy from waves and currents, seaside leisure tourism, and
fisheries and aquaculture. Emphasis is on diversifying and deepening the blue
economy value chain. At the same time, we will tackle climate change via low
carbon and resource-efficient shipping, fishing and marine tourism, and marine
biotechnology. Innovative finance tools like the blue bonds are being developed
and joint ventures in the fishing activities are being encouraged.