Government will implement ocean economy projects, which are expected to contribute more than R20 billion to the gross domestic product (GDP) by 2019.

“Going forward, delivery units have been established in the lead departments to drive the implementation of the detailed delivery plans. We will achieve the growth and the jobs we need in the economy,” President Jacob Zuma said.

He said progress on the ocean economy initiatives would be monitored on a weekly basis by the Department of Planning, Monitoring and Evaluation.

President Zuma was speaking in Durban during the open day of Operation Phakisa, which promotes economic growth and job creation in line with the goals outlined in the National Development Plan.

The open day was an opportunity for the President to release the results of weeks of exploratory work of unlocking the country's ocean economy. 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.

The operation is an adaptation of the Big Fast Results methodology that was successfully applied by the Malaysian Government in the delivery of its Economic and Government Transformation Programmes.

President Zuma said the oceans had the potential to contribute up to R177 billion to the GDP and create just over one million jobs by 2033.

The work stream on offshore oil and gas exploration has set a target of drilling 30 exploration wells in the next 10 years.

“Over the next 20 years, this work could lead to the production of 370 000 barrels of oil and gas per day. The result would be 130 000 jobs and a contribution of US$2,2 billion to GDP,” said President Zuma.

South Africa’s coast and adjoining waters have possible resources of approximately nine billion barrels of oil.

The aquaculture work stream underlined the high growth potential of South Africa’s aquaculture sector due to an increasing demand for fish.

Eight initiatives that could spur growth in the sector have been identified.

One of the initiatives includes implementing 24 projects across South Africa, which are expected to grow the aquaculture sector’s revenue from about R500 million today, to almost R1,4 billion in 2019.

President Zuma said the marine protection services and ocean governance work stream had undertaken the task of developing an overarching, integrated ocean governance framework for the sustainable growth of the ocean economy.

“The plan entails the protection of the ocean environment from all illegal activities and to promote its multiple socio-economic benefits with results by 2017.

Another target included increasing the amount of minerals exported on South African ships, which would create more than 4 000 direct jobs.

President Zuma said some of the progress made included the process of establishing a National Shipping Company in partnership with South Korea. He said Operation Phakisa represented a new spirit of moving faster in achieving a growth target of 5% by 2019.

– Source: SAnews.gov.za