Microbial Bioprospecting Products of Marine Economy

The term “blue economy” refers to all sectors of the economy and policies that ensure sustainable use of marine resources. Among other things, the blue economy needs to understand comprehensively and regulate different aspects of oceanic sustainability such as, but not limited to sustainable fisheries, well-being of ecosystems, and pollution control. Another key point is recognizing that effective management of oceanic resources on a sustainable basis requires wider cooperation between nations than ever before as well as between public sector and private sector at large scale. This realization brings out the challenge for small island developing states (SIDS) and least developed countries (LDCs) when they shift toward better management approaches for their blue economies. The idea behind “blue economy” is meant to promote economic growth, social inclusivity while ensuring environmental protection or improvement in livelihoods through oceans and coasts conservation. At its core, it means separating socioeconomic progress catalyzed by oceans-related sectors and activities from environmental/ecosystems degradation. This is based on scientific research that demonstrates the finite nature of ocean resources, as well as the fact that human actions have significantly contributed toward a decline in sea health. Such shifts are already being acutely felt—they impact people’s well-being and society, with further consequences expected in line with demographic trends. The blue economy comprises various elements, among them established traditional marine industries such as fishing, tourism, or shipping; however, it also includes emerging sectors such as offshore renewables, aquaculture, extractive activities on the seabed, and biotechnology/bioprospecting in the oceans. In addition to this many services provided by ecosystems within oceans (which lack markets) are vital for supporting economic activity elsewhere, e.g., carbon sequestration, protection against coastal hazards, waste disposal, and biodiversity conservation. Each nation has its own unique mix of maritime activities depending upon their specific national circumstances and how they have chosen to articulate a vision of what constitutes “blue” development for themselves.