By Can Sri Lanka Harness Its Ocean Potential? A Q&A Exploration
The global ocean economy is booming, with trade in marine goods and services surpassing $2.2 trillion in 2023. But is Sri Lanka making the most of its vast oceanic resources? Let’s dive in and explore.
Q: Why is the ocean economy important for Sri Lanka?
A: Sri Lanka is an island nation with 1,340 km of coastline and two fishing seasons, allowing year-round marine activities. The ocean economy—comprising fisheries, tourism, maritime trade, and marine biotechnology—has the potential to become a multi-billion-dollar industry for the country.
Q: What are the opportunities in the ocean economy?
A: The global demand for marine-based goods and services is rising:
Fisheries & Aquaculture: The fisheries sector supports 600 million people worldwide. Sri Lanka can expand its fisheries industry and boost exports.
Marine Biotechnology: The market, worth $4.2 billion in 2023, is expected to grow to $6.4 billion by 2025, offering prospects in bio-based materials and pharmaceuticals.
Maritime Trade & Logistics: Colombo Port, a key regional hub, has opportunities for growth with new investments in logistics centers.
Tourism & Recreation: Sri Lanka’s plan to develop 21 mini marinas could strengthen the blue economy.
Q: What are the major challenges?
A: While opportunities are abundant, several barriers hinder Sri Lanka’s ocean economy growth:
Climate Change: Rising sea levels, ocean acidification, and extreme weather events threaten marine industries.
Pollution: Plastic waste and oil spills degrade coastal ecosystems and fisheries.
Overfishing: Unsustainable practices could deplete fish stocks, reducing long-term economic benefits.
Regulatory Barriers: High tariffs and non-tariff barriers limit trade in fisheries and marine products.
Underinvestment: Despite the sector’s potential, there is inadequate public and private investment.
Q: What is the government doing to support the ocean economy?
A: The Sri Lankan government has outlined key initiatives:
Infrastructure Development: Building mini marinas and logistics centers in Colombo Port.
Foreign Direct Investment (FDI): Encouraging FDI in marine industries and mineral resources.
Trade Agreements: The Global System of Trade Preferences (GSTP) aims to lower tariffs among developing nations.
Sustainability Measures: Aligning marine-based industries with climate adaptation and biodiversity plans.
Q: What can Sri Lanka do to maximize its ocean economy?
A: Experts suggest:
Strengthening Regulations: Implementing strict policies to prevent overfishing and marine pollution.
Boosting Investment: Encouraging public-private partnerships to fund infrastructure and innovation.
Diversifying Marine Industries: Expanding into areas like marine biotechnology and renewable ocean energy.
Regional Cooperation: Enhancing trade partnerships within South-South trade frameworks.
Educating & Training Workforce: Developing skills in marine technology and sustainable ocean management.
Q: What’s next for Sri Lanka’s ocean economy?
A: The upcoming 5th UN Ocean Forum (March 2025) and UN Ocean Conference (June 2025) will be crucial for Sri Lanka to secure global support, funding, and partnerships. If the right steps are taken, Sri Lanka can position itself as a leading player in the blue economy, ensuring sustainable growth and prosperity.
The ocean holds vast promise—Sri Lanka just needs to navigate its course wisely. Will the nation ride the wave of opportunity or let it slip away? The choice is now.
