The sea was, is, and always will be the territorial asset that guarantees Portugal’s sustainability as an independent nation with strategic autonomy.

And is it worth investing in the ocean economy? Let’s look at the numbers and some facts. According to the most recent data from the Ocean Satellite Account, published by the Directorate-General for Maritime Policy, it is predicted that in 2019 the blue economy reached 5% of GDP. In 2013, it represented 2.1% of GDP, and in 2016 it represented 3.1%. In other words, we are facing a regular average annual growth of 0.48%, even during the period of the Troika intervention.

But what is the main source of this growth? More than 70% is concentrated in coastal tourism. And when we compare labor productivity in tourism with that of the port sector, once again, the numbers speak for themselves: €24,000 versus €55,000 per capita. Port activity generates more than double the added value of tourism.

So, how can we leverage the materialization of economic growth in other sectors of the blue economy to increase added value generation and reduce extreme dependence on tourism? The food sector and other organic marine sectors are key solutions to this equation. And the changing dynamics of the blue bioeconomy are already in effect.

The national fish processing sector exports more in monetary value than the wine sector, that is, more than 1.5 billion euros annually. Current sea bream aquaculture production on Madeira Island has a productivity 30% higher than that of the Mediterranean, reaching new production records every year, with marginal environmental impact due to the existing sea currents between Ponta do Sol and Calheta, which prevent high deposition of debris and encourage the growth of seagrass.

On the other hand, mussel production (a filter-feeding marine animal) by the company Finisterra, in Vila do Bispo, has increased almost tenfold in a two-year period. And the company Oceano Fresco, based in the port of Nazaré, is breaking the paradigm of shellfish production, introducing its production in a vertically integrated offshore system in the Algarve. Furthermore, according to the latest edition of the Blue Economy Report 2022, Portugal is already the 6th largest producer of algae in Europe, in an industry that is still in its infancy.

This is the moment to monetize the sea and strengthen sustainable food security!

Rúben Eiras
Secretary General – Ocean Forum
Director of B2E CoLAB