Kenya to Host Blue Invest Africa 2024, Catalyzing Growth in the Blue Economy

Blue Invest Africa 2024, a premier business-to-business event aimed at accelerating the growth of Africa’s blue economy, is set to take place on July 3rd and 4th in Kwale County.

The event will see the attendance of His Excellency Dr. William S. Ruto, President of the Republic of Kenya, and is supported by the Government of Kenya and funded by the European Commission Directorate-General for Maritime Affairs and Fisheries (DG MARE).

The event, co-hosted by His Excellency Salim Mvurya, Cabinet Secretary for the State Department for Mining, Blue Economy, and Maritime Affairs, and Her Excellency Henriette Geiger, European Union Ambassador to Kenya, aims to foster strategic investments in small and medium enterprises (SMEs) within Africa’s burgeoning blue economy sectors.

These sectors include fisheries, aquaculture, maritime transport, IT technologies, robotics, marine pollution, plastic litter management, and renewable energy.

More than 600 applicants from across Africa vied for a spot at this prestigious event, with only 29 exceptional “blue” projects selected to present their innovative solutions to a panel of investors. These projects represent the forefront of sustainable development within Africa’s blue economy, offering significant opportunities for growth and investment.

Dennis Onkangi, CEO and Founder of Kuza Freezer, lauded his participation in the inaugural Blue Invest event in the Seychelles, describing it as a turning point for his business. “The experience and networking led to grant funding shortly after. We also received exposure tantamount to credibility for our work,” Onkangi remarked.

The 2024 edition of Blue Invest Africa will feature keynote addresses, panel discussions, and interactive sessions designed to highlight best practices, innovative solutions, and investment opportunities in the blue economy.

Attendees will engage with leading experts, investors, and policymakers, gaining valuable insights and forging meaningful connections to support their business objectives.

Christine Maina, CEO of the East African Venture Capitalist Association (EAVCA), emphasized the transformative potential of strategic investments in MSMEs within the blue economy.

“The blue economy, contributing over $25 billion annually and generating millions of jobs, shows immense potential. Blue investments have shown returns of up to 15% annually, significantly boosting local economies and promoting sustainability. By connecting visionary entrepreneurs with dedicated investors, we are paving the way for a brighter, more resilient future for East Africa’s coastal regions,” Maina stated.

John Gachora, CEO of NCBA Bank, highlighted the financial sector’s readiness to support the growth of the blue economy.

“The blue economy sector not only employs many of our youth, but it also offers fantastic opportunities for small businesses. The financial sector remains ready to support the growth of this important sector in areas such as financing, trade, insurance, and advisory,” Gachora said.

EU Ambassador Henriette Geiger underscored the importance of innovation and sustainable practices in the blue economy. “We need innovation in science, technology, and business development across all sectors of the blue economy to make entrepreneurship more sustainable, equitable, and resilient to climate change,” Geiger noted.

Cabinet Secretary Salim Mvurya encouraged investors to attend the event and explore the potential of the carefully selected projects. “The African blue economy potential is ready for unlocking through investments to spur prosperity through innovation and development of market-oriented products,” Mvurya stated.

Blue Invest Africa 2024 aims to spotlight transformative projects within maritime and coastal sectors, as well as inland waters, emphasizing sustainable innovation, job creation, and marine ecosystem preservation.

This event provides a unique platform for African-based companies and global investors to forge strategic alliances, exchange knowledge, and propel the blue economy to unprecedented heights, marking the beginning of a movement towards a sustainable future for Africa.