African Stakeholders to Discuss $300bn Blue Economy

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Kenya’s President, William Ruto, is set to host a pivotal forum focusing on Africa’s blue economy, which is projected to grow to $405 billion by 2030. This was announced in a press release titled “Blueinvest Africa 2024: An Invitation to Investors to Support the Blue Economy in Africa.”

The blue economy, encompassing sectors such as fishing, aquaculture, tourism, and transport, as well as innovative fields like biotechnology and renewable energies, currently generates $300 billion in revenue and employs 50 million people across the continent. The Blueinvest Africa 2024 event, scheduled for July 2, 2024, in Diani, Kenya, aims to highlight and attract investment into this dynamic sector.

“Africa is experiencing steady economic growth, with a post-COVID recovery forecast by the African Development Bank at 3.8 percent in 2024 and 4.2 percent in 2025. The blue economy, which includes traditional economic activities and innovative sectors, currently generates revenues of $300 billion and employs 50 million people. By 2030, the sector is expected to be worth $405 billion, underscoring its strategic importance for economic growth and job creation,” the statement explained.

Organized by the European Union in collaboration with the Government of the Republic of Kenya, the Blueinvest Africa 2024 event aims to draw investors to Africa’s burgeoning blue economy. The event will feature six themed pitching sessions, where 29 African entrepreneurs will present their innovative projects across various blue economy sectors.

These entrepreneurs, selected for their professionalism and innovation, seek funds to advance their initiatives from design to commercialization in African markets. The selected entrepreneurs come 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.

While aquaculture is the most represented sector, reflecting its critical role in food security strategies, other sectors such as waste recycling, transport, food processing, and fashion will also be showcased. This diverse representation highlights the wide range of investment opportunities available within the blue economy.

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