Ocean economy could boost GDP

Development of the
ocean economy, and
infrastructure around it,
could potentially boost
South Africa’s gross
domestic product (GDP) to
R26 billion per annum –
from 2019 to 2030.
This is according to
the Minister of Rural
Development and Land
Reform, Gugile Nkwinti, who
said this would be achieved
through the three main
sectors of the ocean economy,
which include marine
transport and manufacturing,
off-shore oil and gas
exploration and aqua culture.
According to him,
marine transport and
manufacturing could
increase the GDP
contribution from the
current R7 billion to
between R14 billion and
R23 billion by 2019.