By MKT Correspondent
As the Blue Economy Summit 2024 wrapped up in Mombasa, stakeholders urged the government to allocate more resources to enhance operations in various value chains.
Many cited lack of funding as a major barrier to progress.
David Ogiga, Director of Sote Hub and the summit organiser, emphasized the sector’s importance in creating job opportunities for women and youth, contributing significantly to Kenya’s economy.
“Kenya raises approximately USD 800 million, but only one percent goes to the Blue Economy,” he noted, highlighting the need for greater focus and investment.
This year’s summit saw participation from over ten investors and four ambassadors, showcasing the global interest in the Blue Economy. “This is a milestone, indicating that the Blue Economy is a key area of focus not just in Kenya, but globally,” Ogiga said, mentioning the participation of 40 individuals from Tanzania.
The three-day forum also launched “The Blue Book,” aimed at profiling startups in the sector and linking them with investors. This pioneering initiative in Africa is expected to yield positive results in the coming year.
Dickson Mizinga, a beneficiary of the EU-funded Go Blue project, was recognised for his conservation efforts at Crab Shark Restaurant, which has planted over three million mangroves in Kilifi County. Mizinga shared how the project provided crucial funding and training, helping their restaurant grow from Sh20 million to Sh50 million annually.
The summit underscored the critical role of Blue Economy forums in connecting startups with investors, ultimately enhancing operations within the sector.
