African stakeholders to discuss $300bn blue economy

• Published On: 18 June 2024 at 08:39

Kenya's President, William Ruto, is slated to convene a summit on Africa's blue economy, which is anticipated to be worth $405 billion by 2030.

This was revealed in a news release titled 'Blueinvest Africa 2024: An Invitation to Investors to Support the Blue Economy in Africa.'

According to the organisers, the continent's blue economy generates $300 billion in sales and employs 50 million people in fishing, aquaculture, tourism, and transportation, as well as cutting-edge industries like biotechnology and renewable energy.

It said that the Blueinvest Africa 2024 event, scheduled for July 2, 2024, in Diani, Kenya, is expected to highlight the dynamic sector.



"Africa is experiencing steady economic growth, with the African Development Bank forecasting a post-COVID recovery of 3.8% in 2024 and 4.2% in 2025." The blue economy, which comprises conventional economic activities like fishing, aquaculture, tourism, and transportation, as well as innovative activity like biotechnology and renewable energy, presently generates $300 billion in income and employs 50 million people.

"By 2030, the sector is expected to be worth $405bn, underscoring its strategic importance for economic growth and job creation," said the statement.

The event, organised by the European Union in conjunction with the Government of the Republic of Kenya, seeks to lure investors to Africa's developing blue economy.

The event will include six thematic pitching sessions in which 29 African entrepreneurs will showcase their innovative initiatives from diverse blue economy industries.

According to the organisers, these entrepreneurs were chosen for their professionalism and are seeking funding to take their projects from creation to commercialization in African markets.

They revealed that the selected entrepreneurs are from 17 African countries, including Botswana, Cameroon, Côte d'Ivoire, Ghana, Kenya, Madagascar, Malawi, Morocco, Namibia, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, Tanzania, Togo, and Tunisia.

"These entrepreneurs, chosen for their professionalism, dynamism, and ability to innovate, are hoping to collect cash to take their ideas to the next level.

"Aquaculture is the most represented industry, highlighting its vital role in food security plans; however, other industries such as waste recycling, transportation, food processing, and fashion will also be highlighted. This diversified representation demonstrates the breadth of investment options accessible in the blue economy," according to the statement.