PRETORIA, — The Oceans Economy has already contributed about 4.4 per cent to South Africa’s Gross Domestic Product (GDP), according to a progress report on the implementation of Operation Phakisa for the Oceans Economy presented to stakeholders by President Jacob Zuma.

Oceans Economy projects have so far unlocked a combined 24.6 billion Rand (about1.82 billion US dollars) in investment from the 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, boat-building, aquaculture and scientific surveys in the oil and gas sector, Communications Minister Mmamoloko Kubayi told a post-Cabinet media briefing Thursday.

Operation Phakisa focuses on unlocking the economic potential of South Africa’s oceans, which could contribute up to 177 billion Rand to GDP by 2033 and between 800,000 and one million direct jobs. Forty-seven detailed initiatives have been identified, which on implementation, will increase the Oceans Economy’s GDP contribution 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.

The government plans to establish the single largest boat-building facility in southern Africa. The KwaZulu-Natal Boat-building Park in the Port of Durban will harvest potential from new investment, exports and job creation.

The Cabinet was also briefed on the meeting which Finance Minister Malusi Gigaba held with sovereign credit rating agencies and investors to re-affirm South Africa’s current policies and approach to fiscal discipline.

The Cabinet is satisfied with the re-assurance given to investors on the government’s plans to grow the economy and government’s commitment to address governance issues in our State-owned entities, Kubayi said.

Source: NAM NEWS NETWORK