Opportunities, Challenges, and Solutions in Expanding The Blue Economy in Sri Lanka: Special Reference to The Fisheries Sector

Purpose: The blue economy emphasizes the sustainable utilization of marine resources to promote economic growth, create job opportunities, and enhance livelihoods while ensuring the protection of the ocean ecosystem. The blue economy comprises a variety of activities such as fisheries, aquaculture and Mari culture, marine and coastal tourism, boat and shipbuilding, seaports and shipping, marine transportation, renewable energy, offshore hydrocarbons and minerals, and marine biotechnology. The primary objective of this research is to identify the opportunities and challenges in expanding the blue economy in Sri Lanka, with a focus on the fisheries sector. Design/methodology/approach: The qualitative research method was employed for data collection, using key person interviews with 20 Sri Lankan blue economy stakeholders. Thematic analysis was used to analyze data. Findings: The study identified several opportunities, including the introduction of a sound VMS and forecasting system, technology improvement, properly trained human resources, reducing post-harvest loss, value addition to the fish, and diversification towards aquaculture and Mari culture. The study also identified challenges such as limited access to finance, lack of infrastructure, and weak governance. With the right policies and management practices in place, the fisheries sector in Sri Lanka can achieve sustainable development, contribute to the country's economic growth, and provide livelihoods for fishers and their communities. Originality: Though Sri Lanka is an Island, ideal for practicing the blue economy, the attention given by the scholars and practitioners to develop the sector is not sufficient. This study stands out for its thorough examination of opportunities and challenges in expanding Sri Lanka's blue economy, with a specific emphasis on the fisheries sector. Implications: The theoretical contribution lies in the identification of opportunities and challenges in expanding the blue economy, particularly within the fisheries sector. This research significantly contributes to guiding policymakers and stakeholders to develop strategies for the sustainable growth and management of the fisheries sector in Sri Lanka. Keywords: Blue Economy, Fisheries, value addition, Post-harvest loss