Wednesday, May 22, 2024
Home > Business > Export agency eyes blue economy to boost export earnings

Export agency eyes blue economy to boost export earnings

The Kenya Export Promotion and Branding Agency (KEPROBA) has embarked on developing a common strategy for sustainable exploitation and maximization of the Blue Economy sector that is poised to be the new frontier for Kenya’s economic growth for export market.

KEPROBA’s main mandate is to implement the export promotion and nation branding initiatives and policies to enhance Kenya’s export of goods and services.

The United Nations Development Programme (UNDP) estimates that the quantified value of the blue economy sector is at US$ 1.5 trillion and, is poised to grow to US$ 3.0 trillion by 2030, securing an additional 9 million full-time jobs.

And yesterday KEPROBA held a consultative meeting with Blue Economy stakeholders from Mombasa and Kwale counties with the agency’s Director of Research and Innovation Peter Ochieng noting that through single-point failure analysis, the agency was slowly sealing the weaknesses for a more robust export of marine and aquatic resources.

Kenya’s total fish exports in 2021 were valued at USD 32.4 million; representing 0.005 per cent of the total export to the world, ranking Kenya as the 108th lead exporter.

The top 5 export trade partners for Kenya in 2021 were Italy (6.1 million, 18.7%), Hong Kong (USD 5.1 Million, 15.6%), Spain (3.0 million, 9.1%), Netherlands (2.5 million, 7.6%) and Portugal (USD 1.9 Million, 5.9%).

Kenya’s volume of exported fish was estimated at 10,875.3 tons in 2021. The percentage contribution of aquaculture to GDP in the year was 0.7 per cent.

Fatma Bashir Export Market Development Manager said the country is yet to attain its full potential in fishing at both inland and marine waters.

“Under the Exclusive Economic Zones, Kenya has a large exclusive fishing zone with the potential to produce 300,000 tonnes of fish annually estimated at about Sh75 billion,” she said adding that the country is yet to optimally utilize the opportunity as it currently produces approximately 150,000 metric tonnes of fish annually.

KEPROBA is engaging stakeholders to accelerate the implementation of Blue Economy projects in the country. “This will mainstream the Blue Economy agenda for Kenya and bear fruits for the growth in exports and inflows of investment,’’ said Bashir.

Government institutions, County Governments, Fishermen associations, logistics shippers’ associations, sector investors, financial institutions, Private sector, Beach Management Units (BMUs), and Donor agencies were among the participants.

By Sadik Hassan

Leave a Reply