Aquaculture could be Kenya’s next big industry as this sector is luring countries with highly mechanised interventions in the space.
Aquaculture is the farming of aquatic organisms such as fish, crustaceans, molluscs and aquatic plants. It also involves cultivating freshwater and saltwater populations under controlled conditions.
“Aquaculture is one of the most promising areas when focusing on this industry,” Ole Johan Sandvaer told CNBC Africa.
Sandvaer added that Norwegian interests in Africa were not new as country has been focusing on Africa for more than 50 years.
“What is new now is that we are shifting from development aid to business,” he added.
“We have a technology based aquaculture industry in Norway so we see this as a promising venture between partners in these two countries.”
Sandvaer said the shift in the relationship between Norway and Africa has come as the country with a relatively small economy that has a knowledge based industry and a small market looks for opportunities in other countries.
With stagnation in Europe we are looking for emerging markets for future possibilities, he said.
Sandvaer dismissed the bloated risk profile in Kenya and the East Africa region.
“There are risks in all the markets, hence East Africa is no different to all other emerging markets, but there are ways of dealing with the risks,” he said.
“There have been commercial embassies set up to brief companies intending to invest in specific regions of potential risks.”
The small European country has also huge interests in renewable energy industry.
“We have strong companies within the solar, bio and hydropower industries. We are looking for niches and have local partners as we are a small economy.”