Blue economy: We’re open for business, says Tanzania

Dar es Salaam. Prime Minister Kassim Majaliwa has urged local and foreign investors to participate in the global $2 trillion blue economy, highlighting Tanzania’s vast investment opportunities within the sector.

Gracing the 8th Meeting of the Organisation of African, Caribbean and Pacific States (OACPS) Ministers Responsible for Oceans, Inland Waters and Fisheries in Dar es Salaam on Wednesday, Mr Majaliwa said Tanzania’s policy framework was designed to attract capital into its burgeoning blue economy.

He outlined key sectors ripe for investment, including tuna fishing, which meets growing global demand, seaweed farming, fish hatcheries, fish feed production and the development of fish processing infrastructure.

“Tanzania is open for business and we have created an investor-friendly environment for those looking to capitalise on our rich marine resources,” he said.

Globally, the ocean economy is estimated to be worth some $2.3 trillion per year in (market) goods and services, according to the United Nations Development Programme (UNDP).

The Prime Minister noted that Tanzania is strategically positioned to leverage this market, particularly through sustainable practices that can simultaneously boost the economy and protect marine ecosystems.

He reiterated that sectors such as fisheries and aquaculture offer significant potential for job creation and economic resilience, both cornerstones of Tanzania’s development agenda.

The secretary-general of the Organisation of African, Caribbean and Pacific States (OACPS), Mr Georges Chikoti, highlighted the rich biodiversity of member countries and the growing global demand for marine products as key factors positioning countries like Tanzania for economic growth.

“Our rich biodiversity, from coral reefs and marine, riparian and lobstering ecosystems, positions us uniquely to tap into the growing global demand for aquatic, or loopholes and marine products.

Moreover, the sustainable exploitation of our waters offers opportunities for a range of goods and services, such as renewable energy, tourism, biotechnology and transportation, contributing to diversified and resilient economies,” he said.

Mr Chikoti said however challenges such as climate change, overfishing and pollution must be addressed if we are to fully realize this potential.

“Our coastal and inland communities are at the front line of the climate crisis, with first-hand repeated experiences of the climate hazards from hurricanes or cyclones, rising sea levels, ocean acidification and changing weather patterns, all of which are threatening marine ecosystems and communities that depend on them,” he said.

The director-general for Maritime Affairs and fisheries, European Commission, Ms Charlina Vitcheva, said the ocean is confronted with a triple crisis, that are planetary crisis, climate change, biodiversity loss and pollution.

She underscored that the ocean's challenges require multilateral solutions and collaboration between nations and organisations.

“The fact that so many countries can come together and agree on joining forces to face global challenges opens the door to optimism,” she said.

She noted that partnerships between the European Union, the Organisation for Economic Co-operation and Development (OECD) and other key players are crucial to achieving sustainable development goals for oceans and marine resources.

Livestock and Fisheries minister Abdallah Ulega reiterated the government's commitment to supporting small-scale fisheries, which serve as a major source of income for many Tanzanians.

“At this meeting, ministers will have the opportunity to discuss strategies for improving small-scale fisheries by providing access to capital, modern technologies, markets and infrastructure,” he said.

He noted that addressing challenges such as overfishing and pollution is essential for ensuring the long-term sustainability of the fisheries sector.