This is according to statements of the Cabinet meeting of November 30, 2022, chaired by Governor John J. Rankin, CMG, at the Premier's Conference Room, Cutlass Tower, where all members were present.

The roadmap will also establish a multi-agency/stakeholder Ocean Governance and Blue Economy Coordinating Committee responsible for advising on management and planning of the marine space and coordinating the implementation of the Roadmap.

The Blue Economy is related to an economic system or sector that seeks to conserve marine and freshwater environments while using them in a sustainable way to develop economic growth and produce resources.

The Virgin Islands (VI) Strategic Blue Economy Roadmap, is one that was developed with support from the United Nations Development Programme (UNDP) and sets out an integrated approach to ocean-based sustainable development.

According to the UNDP, the roadmap brings together the economy, environment, and society, consistent with the Sustainable Development Agenda (2030), Aichi Target 11 of the Convention on Biological Diversity, and the Paris Agreement on Climate Change (2015).

Building VI's blue economy

It sets the direction and development pathways for future investment in and development of a sustainable ocean-based economy in the Virgin Islands and specifically, aims to create a revitalisation process that results in healthy ecosystems that are able to sustain growth in a number of economic sectors.

This, according to the UNDP, provides an opportunity for building equitable societies, and over time this revitalisation will support the development of new sectors, attracting greater investment and financial support to the blue economy resulting in a greater number of businesses supported by the blue economy.

This revitalisation will be supported by management institutions, focused on sustainable development, and enabled by an innovative and skilled private sector.