OCEANS ECONOMY HAS A POTENTIAL TO ENHANCE THE COUNTRY’s ECONOMIC GROWTH

OCEANS ECONOMY HAS A POTENTIAL TO ENHANCE THE COUNTRY’s ECONOMIC GROWTH

The Minister of Trade and Industry, Dr Rob Davies and the Minister of Small Business Development, Ms Lindiwe Zulu today addressed the Cape Agulhas Business Summit in Bredasdorp, Western Cape. The Business Summit focussed on how to strengthen Small Medium Micro Enterprises to contribute towards the local economy in rural municipalities

Minister Davies said that government together with business, labour and civil society have begun on plans to unlock the economic potential of South Africa’s oceans through operation Phakisa. He said that this will assist the country to realise the largely untapped potential of the marine space, aquaculture and boat building

“In 2010, the ocean contributed approximately R54 billion to South Africa’s Gross Domestic Product (GDP) and accounted for approximately 316 000 jobs. South Africa’s oceans have the potential to contribute R177 billion to the country’s GDP while creating 1 million new jobs by 2030. The government is now developing a blue economy strategy to help realise the full potential of its marine resources”, he said.

Minister Davies added that the aquaculture sector that currently contributes R1billion to the GDP and employs about 4000 people has the potential to contribute towards job-creation and poverty alleviation.

“The sector can achieve significant growth with a GDP of R3 billion and 20 000 new

direct jobs. We have an aquaculture incentive at the Department of Trade and Industry that would further enhance the growth. On the socio-economic front, the lab aspiration for aquaculture is that of an immensely transformed and inclusive sector by 2019”, said Minister Davies.

Minister Lindiwe Zulu encouraged Bredasdorp entrepreneurs to work together with government to seize economic opportunities in order to build and sustain their businesses.

“SMMEs can contribute enormously to economic growth and job creation. We will work towards enhanced support to Small Businesses and Cooperatives with an emphasis on programmes that will advance entrepreneurship and innovation amongst South Africans”, she said

Minister Zulu stated that a healthy SMME sector has the potential to make a massive contribution to the economy by creating more employment opportunities.

     

Minister Davies indicated that the Cape Agulhas Municipality has identified six projects that require intervention and support.

“Some of these projects have received support from the dti and Small Enterprise Development Agency; we will continue to support them to ensure that they are sustainable.

The team already been put together from the dti and the Department of Small Business Development and the Municipality to ensure that there is follow-up on these projects.