Ocean economy projects expected to contribute more than R20 billion to the Gross Domestic Product (GDP) by 2019 are going to be implemented by the government.

Operation Phakisa, which was launched by President Jacob Zuma in Durban, aims to promote economic growth and job creation in line with the goals outlined in the National Development Plan.

It has four priority areas, including marine transport and manufacturing, offshore oil and gas exploration, aquaculture as well as marine protection services and ocean governance.

Zuma says government is working on an Ocean Act and that a draft Oceans Bill would be ready in 2015.

According to Zuma the marine transport work stream has developed 18 initiatives across three categories, including infrastructure and operations, skills and capacity building as well as market growth to accelerate sector growth.

“These initiatives,” says Zuma, “would expand the South African port capacity for repair work for oil ships and oil rigs.”

“Some of the initial targets drawn up include firstly, an increase in the local manufacturing capacity through a 10 percent increase in the usage of local components for boat and ship building.”

“Secondly, is an increase in the ship repair capacity in Richards Bay.”

Concluding, “Some of the progress made included the process of establishing a National Shipping Company in partnership with South Korea.”

Source – Sanews.gov.za