Government Unlocks R17-billion Investments In SA’s Ocean Economy


President Jacob Zuma said his government has unlocked R17 billion investments in SA’s Ocean Economy which will further boost the economic benefits of the nation in line with the National Development Plan.

The president who today launched the first phase of “Operation Phakisa” – a national development project designed to fatten the gains of SA’s ocean economy said the initiative is a huge plus to development in South Africa.

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The project – “Operation Phakisa” according to the Mr President, will better SA’s ocean economy as it will focus on sectors like marine transport, offshore oil and marine tourism.

He related that the project was initially, formally initiated in July 2014 to speed-up economic growth and create jobs by utilizing South Africa’s ocean resources. And, was modeled in line with a successful similar developmental project in Malaysia.

“Operation Phakisa is one of the mechanisms we have put in place to implement the National Development Plan come alive. I have great pleasure to announce that government has unlocked investments amounting to about R17-billion in the Oceans Economy, thanks to Operation Phakisa.

And since the inception of “Operation Phakisa-Oceans Economy,” over 4,500 jobs have been created in the various sectors,” said the President.

The official site of the project identified four priority areas that helped the nation unlock the ocean economy. “These are marine transport and manufacturing activities, such as coastal shipping, trans-shipment, boat building, repair and refurbishment; offshore oil and gas exploration; aquaculture and marine protection services and ocean governance.”

It further related that “in 2010 the ocean contributed approximately R54 billion to South Africa’s GDP and accounted for approximately 316,000 jobs. The ocean has the potential to contribute up to R177 billion to GDP and between 800 and 1 million direct jobs.”

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