Being a small island developing country (SID), the ocean has had a strong influence on the culture, beliefs, values, etc. of the people of Sri Lanka. The strategic location of the country, standing right at the margins of the east-west naval route, has also brought in other cultures, religions and attracted the attention of all the superpowers as avenues of expanding their jurisdiction over the marine space. Amidst all forms of influences lie colossal amounts of oceanic resources offering bounteous opportunities for strengthening the country’s economy and improving the wellbeing of the people. SIDs are now confronted with a grave resource crisis due to their small resource base and are increasingly shifting their focus from green to blue economic growth. Apart from traditional oceanic activities such as shipping and tourism, blue growth also entails, off-the-coast energy generation, marine aquaculture, sub-marine mining, biotechnology, bioprospecting, marine tourism, etc. not forgetting services such as carbon sequestration, coastal protection, biodiversity, etc. which are not captured by the market.