Government eyes maritime sector to revive job creation, stimulate growth
The government has sought to harness the economic promise of its vast coastline.
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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