The government has sought to harness the economic promise of its vast coastline.
Image: Doctor Ngcobo / Independent Newspapers
As South Africa faces sluggish economic growth and alarmingly high youth unemployment, Minister of Small Business Development, Stella Ndabeni-Abrahams, believes the country’s oceans economy could offer a powerful solution.
For several years, the government has sought to harness the economic promise of its vast coastline through Operation Phakisa, launched in 2014 as a bold initiative to drive job creation and stimulate economic growth in maritime sectors.
At the time, a study by Nelson Mandela Metropolitan University estimated that South Africa’s oceans could contribute approximately R54 billion to the country’s GDP and create around 316,000 jobs.
Additionally, analysis conducted in 2013 projected that nine sectors within the oceans economy could generate between R129 billion and R177 billion in GDP by 2033.
However, despite these efforts, South Africa has yet to fully reap the vast potential of its oceans economy. In a post on X formerly Twitter on Wednesday, the minister reaffirmed the government's commitment to investing the in oceans economy.
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"We are committed to investing in oceans economy infrastructure, including the provision of boats and related support for MSMEs with fishing rights to unlock opportunities, boost local enterprises, and grow coastal economies," Ndabeni-Abrahams said.
She was speaking during the first provincial G20 launch taking place in Gqeberha.
The minister also stated that she would engage with micro, small, and medium enterprises (MSMEs) under the theme “Unlocking the Oceans Economy for Growth and Innovation” during the event.
"This engagement forms part of the G20 Roadshow, showcasing how South Africa’s oceans economy can drive investment, create jobs, and support sustainable development," she said.
South Africa currently has one of the highest rates of unemployment in the world, with 31.9% of the population unemployed.
mthobisi.nozulela@iol.coza
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