Blue economy can pull Africa away from global trade bedlam, says Steenhuisen

The potential of the nascent blue economy in the African continent is an opportunity to grow the regional economy and demonstrate the merits of multilateral co-operation in a world beset with increasing trade divisions.

This is according to deputy trade, industry, and competition minister John Steenhuisen, who addressed the 2026 BlueInvest Africa Summit, a two-day event taking place at the V&A Waterfront in Cape Town from Monday.

The event seeks to explore the potential of the African blue sector, which is seized with the maritime industry and management and sustainability of marine resources, amid a global climate of protectionism and trade fragmentation. It includes representatives of the government, the EU, funders and entrepreneurs in the blue economy in search of funding for their business ideas.

Steenhuisen said the summit created an opportunity to form partnerships and showcase investment opportunities and opportunities for impactful regional co-operation within the Southern African Development Community and the African Continental Free-Trade Agreement.

“It is awesome that platforms like this provide us with an important opportunity to demonstrate the importance of multilateralism in a world where multilateralism has been turned on its head, where we are often met with a closed hand rather than an extended hand of friendship.”

Steenhuisen’s remarks come amid enduring protectionism and geopolitical tensions in the global economy. Since joining the government of national unity after the 2024 election, Steenhuisen has been at the forefront of attempting to thaw trade tensions with the US.

After a cabinet reshuffle by President Cyril Ramaphosa in July, Steenhuisen went from a portfolio seized with US trade fragmentation, agriculture, to the department of trade, industry, and competition, which has lobbied strongly for SA to remain in an extended African Growth and Opportunity Act to continue enjoying preferential access to the US market.

These are typified by US President Donald Trump’s unilateral tariffs on economies around the world, including strategic partners, and the protracted war against Iran which his administration dragged the US into.

Steenhuisen said as geopolitical tensions continue around the world and the ripple effects filter through in protectionism and dwindling funding commitments, Africa could be an example of why it is important for hands to join rather than separate.

“Learning together, you cannot be the captain who curses the sea, and you have to navigate these new choppy international geopolitical waters. I am confident if we all pitch in, if we all fill the hulls, if we all trim our sails together, and we get into formation, we will be able to navigate these difficult times and emerge at the end with a new consensus, new partnerships and with new development into the future.”

He said strengthened co-operation between the AU and the EU could unlock untapped sectors in the African continent, create jobs, and establish a trade dynamic between the two regions for even and mutual benefit.

Director-general of the EU commission for maritime affairs and fisheries, Charlina Vitcheva, said sustainability remains crucial in developing the blue economy at a continental and global level.

“Sustainability is absolutely crucial because it is the ocean that sustains us, so let’s sustain the ocean so the ocean sustains us. When we speak about the future generations, there is no better topic than the ocean because if they are to exist, the oceans should be sustainable and healthy.”

EU ambassador to SA Kristian Schmidt said the EU and South Africa have had strategic discussions about expanding the potential for the maritime industry in South Africa and the region, and developing solutions to bolster the regional logistics network against risks that come with opportunities.

“Maritime routes are increasing around the Cape of Good Hope, bringing opportunities, but it also brings risks. It brings opportunities for green shipping, for global shipping, and we have had strategic dialogue with South Africa to harness that trade.”

BlueInvest Africa is the first EU-funded programme specifically designed to accelerate investment in sustainable blue economy ventures across the African continent.