Since the implementation of Operation Phakisa, South Africa’s oceans economy has already contributed about 4.4% to the country’s gross domestic product (GDP).
This is according to a progress report on the implementation of Operation Phakisa delivered to stakeholders by President Jacob Zuma.
“Oceans economy projects have so far unlocked a combined R24.6 billion in investment from government and the private sector, and have created more than 6 500 jobs.
“The largest investment in the oceans economy – facilitated through government incentives – was directed to infrastructure development, mainly ports, manufacturing, boatbuilding, aquaculture and scientific surveys in the oil and gas sector,” said the Minister of Communications, Mmamoloko Kubayi, at a post Cabinet media briefing on Thursday
The ambitious Operation Phakisa initiative focuses on unlocking the economic potential of South Africa's oceans, which could contribute up to R177 billion to GDP by 2033 and create between 800 000 and one million direct jobs.
Forty seven detailed initiatives have been identified which, on implementation, will increase the GDP contribution of the oceans economy by R20 million and lead to the creation of 22 000 direct new jobs by 2019.
“The president’s report to stakeholders strongly demonstrates the concerted effort and support of all government partners tapping into the vast potential,” Kubayi said.