Browsing: Blue Economy

As a high-risk area, Kenya was paying billions to shipping lines for insurance of their goods.

But there is a break. The International Maritime Organisation (IMO) has removed the Indian Ocean from the list of High-Risk Areas (HRA) giving a major boost to trade for Kenya and the wider Eastern African region.

The decision was communicated during the 106th session of the Maritime Safety Committee at the International Maritime Organization in London. This is the UN agency responsible for the safety and security of shipping, by the Best Management Practice (BMP-5). It consists of the five largest global shipping industry associations.

BMP-5 looks to deter piracy and enhance maritime security in the Red Sea, Gulf of Aden, Indian Ocean and Arabian Sea.

Data by the bloc reveals that the sector provides livelihoods for about 80 per cent of the region’s workers, and accounts for about 65 per cent of foreign exchange earnings.

The continent, which COMESA Secretary General Chileshe Kapwepwe said last month has the potential to feed its self and export to the rest of the world, has remained a net food importer for the last 15 years.

To achieve sustainable development in Africa through the blue economy, the relationship between trade and development cannot be overemphasized.
The UNCTAD notes that trade has been recognized as the engine for inclusive sustainable development and growth with maritime transport and its related activities being motors for trade facilitation.

Africa’s blue economy has been hailed as the ‘new frontier of African renaissance’ due to the maritime industry’s huge economic potential across the continent. The significant economic opportunities in the blue economy on the continent include seabed mining, fisheries, oil drilling, trade, aquaculture and tourism whose potential can drastically transform Africa’s future.

The African Union (AU) highlights that thirty-eight of Africa’s 54 states are coastal, and maritime zones under Africa’s jurisdiction.

With an estimated 150,000 and 300,000 tonnes of fish swimming throughout the EEZ, Kenya lies within the lucrative tuna belt. This is one of the most pressing reasons why Kenya is investing in blue-economy principles and increased investment in the sustainable development of its tuna resources.
In addition, Kenya can invest in blue-forest habitats like the mangrove forests where carbon storage offers the country a unique opportunity for financial gain through the blue-carbon markets incentives.