20°C / 22°C
  • Mon
  • 22°C
  • 10°C
  • Tue
  • 23°C
  • 11°C
  • Wed
  • 23°C
  • 11°C
  • Thu
  • 20°C
  • 11°C
  • Fri
  • 20°C
  • 10°C
  • Mon
  • 21°C
  • 13°C
  • Tue
  • 20°C
  • 14°C
  • Wed
  • 19°C
  • 15°C
  • Thu
  • 24°C
  • 14°C
  • Fri
  • 20°C
  • 15°C
  • Mon
  • 25°C
  • 12°C
  • Tue
  • 24°C
  • 12°C
  • Wed
  • 24°C
  • 12°C
  • Thu
  • 22°C
  • 12°C
  • Fri
  • 21°C
  • 10°C
  • Mon
  • 23°C
  • 7°C
  • Tue
  • 23°C
  • 7°C
  • Wed
  • 23°C
  • 8°C
  • Thu
  • 22°C
  • 7°C
  • Fri
  • 21°C
  • 7°C
  • Mon
  • 27°C
  • 17°C
  • Tue
  • 26°C
  • 19°C
  • Wed
  • 26°C
  • 18°C
  • Thu
  • 24°C
  • 18°C
  • Fri
  • 24°C
  • 17°C
  • Mon
  • 21°C
  • 15°C
  • Tue
  • 22°C
  • 16°C
  • Wed
  • 20°C
  • 15°C
  • Thu
  • 22°C
  • 15°C
  • Fri
  • 26°C
  • 16°C
  • Mon
  • 25°C
  • 11°C
  • Tue
  • 23°C
  • 12°C
  • Wed
  • 22°C
  • 13°C
  • Thu
  • 27°C
  • 13°C
  • Fri
  • 23°C
  • 13°C
  • Mon
  • 22°C
  • 12°C
  • Tue
  • 22°C
  • 13°C
  • Wed
  • 19°C
  • 14°C
  • Thu
  • 25°C
  • 13°C
  • Fri
  • 22°C
  • 14°C
  • Mon
  • 26°C
  • 12°C
  • Tue
  • 25°C
  • 11°C
  • Wed
  • 24°C
  • 11°C
  • Thu
  • 23°C
  • 11°C
  • Fri
  • 22°C
  • 9°C
  • Mon
  • 23°C
  • 5°C
  • Tue
  • 23°C
  • 5°C
  • Wed
  • 23°C
  • 5°C
  • Thu
  • 22°C
  • 8°C
  • Fri
  • 21°C
  • 7°C
  • Mon
  • 28°C
  • 11°C
  • Tue
  • 28°C
  • 10°C
  • Wed
  • 28°C
  • 10°C
  • Thu
  • 23°C
  • 9°C
  • Fri
  • 25°C
  • 8°C
  • Mon
  • 19°C
  • 13°C
  • Tue
  • 21°C
  • 14°C
  • Wed
  • 18°C
  • 14°C
  • Thu
  • 21°C
  • 13°C
  • Fri
  • 22°C
  • 15°C

‘More that R50 billion could be added to SA’s GDP’

Jacob Zuma says Operation Phakisa has identified massive untapped wealth in the oceans surrounding SA.

FILE: President Jacob Zuma. Picture: Reinart Toerien/EWN.

JOHANNESBURG - President Jacob Zuma says more than R50 billion could be added to South Africa's Gross Domestic Product (GDP) if the full potential of the ocean economy is realised through Operation Phakisa, which is why it's now being implemented in the mining sector.

The president says the initiative will be launched in October, having already been successful in the ocean economy and the health sector.

At current commodity prices, nearly half of the country's platinum mines and a third of gold mines are running at a loss.

Zuma says Operation Phakisa identified massive untapped wealth in the oceans surrounding South Africa.

"The oceans have a potential to contribute R54 billion to the Gross Domestic Product and an estimated 316,000 jobs."

He says this methodology will now be applied to the mining sector.

"The Mining Phakisa has the objective of building partnerships between government and key stakeholders in the mining sector so as to unlock investments."

The president says meetings have already taken place with the private sector.

Zuma says he is confident that a new development initiative in the mining industry will save jobs and boost growth in the sector, which is facing massive jobs cuts and struggling to make profit.

The president says Operation Phakisa brings government and the private sector together to seek solutions.

"What Operation Phakisa does is to bring these two together so that they can share views in an environment which is just not a boardroom discussion."

He says the scope is wide.

"This includes the development of emerging miners, enhancing investment and the infrastructure and funding proposals."

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus