Economic Opportunities in Blue Economy in Africa

Abstract

Blue Economy has emerged as a new development paradigm to spur growth dynamism in littoral countries with strong adherence to the set norms associated with environmental and ecological sustainability. Consisting of the ocean and ocean-related activities such as fisheries, port and shipping, deep sea mining, ocean energy, coastal tourism, ecosystem services and marine services, it offers huge potential for economic expansion. As countries compete over finite land resources, the next competition among countries is expected to be in the domain of ocean sector. Moreover, maritime transport continues to remain a crucial means of navigation and trade. Many Asian and African coastal nations have long coastlines and large coastal communities which could provide much-needed trigger to the process of economic development. For the purpose of planning for investment, employment, growth and non-traditional security issues, knowledge about potentials of Blue Economy sectors is paramount. For this purpose, understanding about ‘Stylised facts’ of the Blue Economy is necessary which is not available in the literature. Some of the key sectors linked with food security, nutritional security and livelihood security like the fishery sector is associated with Blue Economy. Eastern African countries such as Kenya, Madagascar, Mozambique, Comoros and others are located in the Indian Ocean Rim. Their strategic location in the Indian Ocean provides huge opportunities for unleashing the potential of marine resources for the expansion of businesses, promoting entrepreneurship, increasing exports, creating jobs, and empowering the native coastal communities. With growing awareness about Blue Economy and the advancement of technologies, it can offer tremendous investment opportunities and provide a necessary trigger to the growth momentum. Despite long coastlines and endowment of various ocean resources, the Eastern African countries have not yet optimally harnessed this sector for the attainment of economic growth and other developmental objectives. This chapter discusses the concept, definitions and potential of Blue Economy in Africa including detailed coverage of fisheries, marine minerals, marine biological resources and coastal tourism. The role of India and Japan cooperation under the initiative of AAGC to promote Blue Economy in the Afro-Asian region is also highlighted.