Tanzania's ocean economy remains largely underdeveloped despite its vast potential, with opportunities in fisheries, aquaculture, seaweed, sea cucumber, marine tourism, blue carbon, and biotechnology. A 2017 study estimated the Western Indian Ocean region's ocean economy at $13.9 billion. Experts gathered in Dar es Salaam to discuss investment opportunities in the region and strategies to unlock its potential. They emphasized the need for value addition, technology, and blended finance to tap into the global ocean economy, projected to reach $3 trillion by 2030.
The country's fishing value chain is currently worth approximately Sh2.94 trillion, but experts believe more value can be retained locally through processing, technology, and improved business models. Dr. Zachara Hamisi, Director General of the Zanzibar Fisheries and Marine Resources Research Institute (ZAFIRI), highlighted the need for innovation, technology, and financing to make investment opportunities commercially viable. He emphasized that the challenge lies not only in identifying opportunities but also in making them attractive to investors.
Tanzania's long coastline and access to the Indian Ocean provide opportunities for expanding fish farming, seaweed production, and other marine-based businesses. Badru Ali, a fisheries and aquaculture mentor, suggested that greater support for coastal communities, particularly in seaweed farming and aquaculture, could increase production, create jobs, and reduce poverty. He emphasized the potential for growth in these sectors with the right investment and support.
To turn marine resources into viable investments, Tanzania needs to bring together technology, finance, institutions, communities, and entrepreneurs. Ms. Mondy Muhando, Director of the Blue Economy Development and Coordination Department, highlighted the need for a coordinated approach to unlock the country's ocean economy potential. She emphasized that the challenge lies in converting the country's marine resources into attractive investment opportunities.
Investment in the ocean economy should focus on sustainable fisheries, aquaculture, blue carbon, and marine tourism, while ensuring community involvement in project planning. Theuri Mwangi of the Nairobi Convention Secretariat and the United Nations Environment Programme (UNEP) emphasized the importance of community participation for both economic and environmental outcomes. He suggested that investors should identify stakeholders and potential conflicts before projects are implemented.
Deputy Minister in the Vice-President's Office (Union and Environment), Mr. Reuben Kwagilwa, highlighted the potential for greater returns from fisheries, seaweed, sea cucumber, and aquaculture by investing in processing, technology, logistics, and market access. He suggested that blended finance, guarantees, concessional capital, and public-private partnerships could help reduce risks and improve access to finance for businesses that struggle to secure conventional commercial loans.
The forum aims to connect investors, financial institutions, researchers, innovators, and entrepreneurs with practical opportunities in the marine economy. Deputy Permanent Secretary in the Vice-President's Office, Dr. Maduhu Kazi, emphasized the importance of investment readiness, access to finance, technology transfer, and risk assurance in developing the sector. He invited participants to exchange experiences, identify practical businesses and investment opportunities, and build partnerships to drive growth in the ocean economy.
Key points
- Tanzania needs to leverage blended finance and value addition to tap into the $2.6 trillion global ocean economy.
- The country's ocean economy has vast potential in fisheries, aquaculture, seaweed, sea cucumber, marine tourism, blue carbon, and biotechnology.
- Experts emphasize the need for community involvement, sustainable practices, and innovative financing models to drive growth in the sector.
