IGAD reaffirms commitment to tackling challenges in regional blue economy

Addis Ababa, November 27, 2024 (FBC) – At the 2nd IGAD Blue Economy Knowledge Share Fair which is taking place in Djibouti, IGAD Executive Secretary Workneh Gebeyehu (PhD) announced that Djibouti’s newly adopted National Blue Economy strategy, developed with IGAD’s support, is poised to enhance the nation’s economic development. This strategy is crucial as the blue economy contributes approximately 19% to Djibouti’s GDP and provides 27% of jobs.

Workneh emphasized the importance of international collaboration and knowledge sharing for sustainable management of marine and aquatic resources, highlighting Sweden’s significant support for IGAD’s initiatives.

“Globally, the blue economy is estimated to be worth between 1.5 trillion and 3 trillion dollars annually. Fisheries and aquaculture contribute approximately 100 billion dollars per year and support around 260 million jobs worldwide. Coastal tourism on its own generates about 161 billion dollars annually which is approximately 59% of the combined GDP of IGAD Member States,” he pointed out.

The fair aims to empower coastal communities and promote gender equity in the blue economy sector.

Workneh reaffirmed IGAD’s commitment to contribute to an effective implementation of the regional blue economy strategy it developed in accordance with Africa’s broader objectives, encouraging partnerships to unlock the region’s vast economic potential while ensuring inclusivity for all stakeholders.

“The coastal member states of IGAD have an aggregated Exclusive Economic Zone of 1.1 million square km and close to 7,000 km of coastline. The region also boasts significant freshwater bodies such as the Great Lakes, transboundary rivers, and internationally recognized wetlands like the Sudd Wetlands in South Sudan,” Workneh explained.

“However, the blue economy potential in our region is largely under[1]exploited. Traditional sectors such as fisheries, tourism, mineral extraction, and marine and river transport are showing strong evidence of development capacities. At the same time, emerging sectors such as aquaculture, marine biotechnology, desalination, and renewable energy require extra attention as they need substantial investment initiatives,” he said.

According to the Executive Secretary, IGAD is the first Regional Economic Community under the AU architecture to develop and adopt a regional blue economy strategy that aligns with Africa’s Blue Economy Strategy and guides member states in effectively addressing critical challenges to blue economy growth.