South Africa’s Oceans Attract R7.3bn in Investments 

CAPE TOWN – The Minister in the Presidency responsible for Planning, Monitoring and Evaluation, Jeff Radebe, says Operation Phakisa in the oceans economy has unlocked R7.3 billion in investments.

oceans economy

The Minister said this when he tabled his department’s Budget Vote in the National Assembly on Wednesday.

“Since its launch by President [Jacob] Zuma in July 2014, Operation Phakisa in the oceans economy has unlocked R7.323 billion in both public and private sector investments, and a total of 6,952 jobs have been created,” the Minister said.

This seems almost on target for the predictions in 2014. At the time, Zuma said that the SA government would implement  ocean economy projects which were expected to contribute more than R20 billion to the Gross Domestic Product (GDP) by 2019.

Transnet’s National Ports Authority is undertaking infrastructure improvement projects at ports such as Richards Bay, Saldanha Bay and Port Elizabeth, among others.

The projects have created an additional 602 jobs, the bulk of which are for women and youth.

The oceans projects have the potential to contribute up to R177 billion to the GDP and create just over one million jobs by 2033, according to Zuma’s launch speech in 2014.

Operation Phakisa has four priority areas, which include marine transport and manufacturing, offshore oil and gas exploration, aquaculture as well as marine protection services and ocean governance. –