The economy of a country refers to the production of goods and services of a country. There are majorly three types of economic systems: the capitalist economy, the socialist economy, and the mixed economy.
What is the blue economy?
The term blue economy has been defined by people and organizations in many ways. In all their different definitions, the blue economy can refer to the exploration and utilization of the ocean and its resources for economic resources, growth, means of livelihood while preserving its ecosystem. The blue economy is a very good source of revenue for a country especially if it has water bodies around it.
Parts of the blue economy
The blue economy is more than just the ocean. There are many aspects to it. They are:
Offshore renewable energy
This aspect of the blue economy has to do with renewable energy that can be utilized to provide electricity. It works with wind turbines. Here is how it works. These wind turbines are not placed into water bodies. They are placed close to them, offshore. Then marine resources such as the tidal waves, thermal and salinity properties of the water and its waves, great or small. These produce a lot of energy that is renewable. That means the energy produced can be converted to other forms to be used for example light energy, sound energy, and so on.
Fisheries and aquaculture
This aspect of the blue economy has to do with the rearing of all aquatic animals and organisms. Aside from being sold locally, they can be exported. They can also feed the people. This aspect of the blue economy also gives employment opportunities too. It will not only need fishermen and women but people who will take care of them during their growing stage, prepare the fish, and distribute it. With work on large water bodies, the larger the employment opportunities can be created.
Seabed extractive activities
The seabed is similar to a mine. The difference is what you get there. The seabed is the floor of the ocean. It has a lot of minerals that can serve many purposes. Some of them are sulfide deposits from which you can get copper, zinc, lead; polymetallic nodules from which you get manganese, cobalt, nickel; and manganese crusts from which you get vanadium, molybdenum, and platinum. These minerals can be used for the further production of chemicals, chemical compounds, and drugs.
Marine biotechnology and bioprospecting
This is very prospective. It helps us to improve the other aspects of the blue economy. Through marine biotechnology, we can find ways to improve the productivity and ways of aquaculture. We can get more than minerals that help in making drugs, cosmetics, and other important products. And all these will be gotten from aquatic organisms.
Water bodies draw people. With beaches and a serene environment, many people will visit on tour. Although this is a service, it is a part of the economic sector and hence it will generate revenue for the country. Tourists will want to learn about the environment, see other monuments, historical figures and so on. Tourist guides are means of livelihood.
This aspect of the blue economy deals with the transportation of goods by sea. Since there is water transportation, any country with water bodies can send their goods through ships. It will be easier for them to reduce the cost of transportation. Aside from transportation of products, cruise ships and boats can be designed for humans. They can be transported by ship too. Through sailing, large fishing can be done. It is beneficial because although it is not as fast as other means of transport, there is no congestion of vessels, and there are few risks. It is also another source of revenue.
UPSC stands for The Union Public Service Commission in India. They are responsible for employing, recruiting, promoting, disciplining, and dismissing civil servants. UPSC will employ people who are fit for the positions made available by the blue economy. This way the government can be involved and effectively manage marine resources.
Blue economy deals with water bodies, their ecosystem, and their resources. The blue economy is a big boost to the economy of countries that have water bodies. Concerning the blue economy, they will ensure that our people are fit for jobs that produce good results. We also talked about the aspects or parts of the blue economy. Each aspect is different from the other but it is very lucrative.