Post: MSMEs urged to harness opportunities in the Blue and Circular Economies

A Non-Profit Organization, Somo Africa is encouraging Micro, Small and Medium Enterprises (MSMEs) to exploit untapped opportunities in the Blue and Circular economies.Speaking during the Coastal region stakeholders' forum in Nyali, Mombasa to explore critical issues like access to finance, sustainable practices, and innovation for MSMEs in the Blue Economy and Circular Economy, Somo Africa Board Member Charles Waria said they are keen to build the capacity of MSMEs in the country.Waria noted that the Blue Economy is a thriving sector globally, and 40 per cent of the global population relies on the oceans and seas.'The Blue Economy is generating US$3 to 9 trillion in global revenues but here in Kenya, our Blue Economy is largely untapped, it is contributing 2.5 per cent of the GDP which is relatively very low. It is employing less than 50,000 people in a country of 50 million people,' he said.The convening of SMEs is geared to create new thinking on exploiting water and land-based value chains to crea te jobs.'The Government of Kenya has the right intentions including the Go Blue project and the Blue Economy blueprint but this is largely remaining in the paper,' he stated adding that they want to get the will to be moving, get MSMEs to participate more especially for women because they form only 25 per cent of actors in the Blue Economy.Women, Waria noted are confined to post-harvesting instead to active participation across the entire value chains.The organization wants to empower the MSMEs to move Kenya's Blue Economy contribution to the GDP to at least 20 per cent.'What we are seeing is a reduction in other sectors for example Agriculture's contribution to GDP is moving down from 33 per cent a few years ago to 21.3 per cent.'The sector is saturated, we as a country must begin to think of new frontiers and this is the time to open up the coast, ocean and waters through the right investments to move from 2.5 per cent,' he stated.He observed that Blue Economy is the new frontier thus the need t o focus, invest, derisk, and open it up for value chains to produce jobs and support livelihoods.The organization supports MSMEs from low-income communities through a holistic model approach. More than 30000 MSMEs have been trained in business skills. It has funded 615 businesses of which 95 per cent are still active.It has created over 14000 jobs with a target of 62,000 jobs, fund 3000 businesses by 2027.Amelia Philips, Founder and CEO of Somo Africa said they target low-income and marginalized communities to solve communities' problems.The company incepted eight years ago in an informal settlement in Nairobi it has now expanded to 18 counties in Kenya and four regions in Tanzania.'When we invest in individuals in these communities we can create livelihoods. These livelihoods give people the freedom to live life on their terms,' said Philips.Mariam Kupi, Proprietor of Dospan Enterprise from Kilifi County has found fortune in the recycling of plastic waste through support from the organization.S he decided to venture into plastic collection on beaches as they are non-biodegradable and pose a risk to the marine ecosystem.'We have been collecting plastics since 2022 we used to collect around 500 kilogrammes in a month but we now collect three tons in a month. We look forward to scaling up the collection in the future,' said Kupi.She noted that they aspire to make water tanks from recycled plastics to solve water scarcity in Malindi.Another entrepreneur Fatma Hassan an IT professional after losing her white collar job during the COVID-19 epoch decided to leverage coconut shells to make a myriad of products like bowls, cups, and plant pots among others.Hassan urged women and youths not to choose jobs but to exploit opportunities in the Blue Economy.Source: Kenya News Agency