African businesses are being challenged to wake up to the economic, social and environmental power of the Blue Economy.
Momentum is gathering for companies based in Africa’s coastal nations to fully recognise and understand the benefits of backing a Blue Economy, which covers a wide range of productive sectors that are crucial for the continent’s sustainable development, including fisheries, aquaculture, transport, energy, trade and tourism as well as extractive industries.
Research indicates that the Blue Economy has the potential to be a major source of wealth and prosperity for the continent and help advance the African Union’s Agenda 2063 and the UN Agenda 2030 for Sustainable Development.
The second Africa Blue Economy Forum (ABEF) is being held in Tunisia on 25-26 June, and aims to raise awareness of the economic, social and environmental benefits of the Blue Economy.
The importance of a cohesive strategy that will protect and utilise Africa’s coastal waters is underpinned by the fact that 70% of Africa’s nations are coastal and 90% of the continent’s imports and exports are done via sea transportation.
Africa’s maritime industry is estimated to be worth $1-trillion per year; while the asset value of ocean economy eco-systems is valued at $24-trillion.
Plastic pollution costs $13-billion per year from damage caused to marine ecosystems.
Leila Ben Hassen, organiser and founder of ABEF2019, comments: “There needs to be more awareness of the Blue Economy and a realisation of how important it is to the future of Africa. Governments are beginning to understand this and beginning to implement policies but it still needs the private sector to grasp this and to look at how they can work in partnership with governments and other organisations to make this succeed.
“Collaboration is necessary to make this work and deliver huge benefits for the continent enabling it meet the United Nations’ Sustainable Development Goals.”