LAUSR

ABSTRACT The oceans economy is a crucial factor in global economic growth and development, offering not only great opportunities but also challenges and risks. Most activities related to our economic exploitation of the maritime environment, however, do not conform with the notions of a ‘blue economy’, as the economic use of maritime resources and the sea often precludes a focus on a sustainable maritime environment. South Africa has a large sea area, abundant marine resources, considerable maritime infrastructure, and the oceans economy is an important contributor to GDP. The South African government’s intention to ensure growth and development in the maritime sector is part of Operation Phakisa, an inherent element of the Nine-Point Plan aimed at stimulating economic growth and development. The focus of this paper is on the South African oceans economy and its potential contribution to socioeconomic growth, development, and transformation. Emphasis will fall on the current state of the oceans economy, new public and private sector initiatives, maritime security, environmental care, maritime governance, as well as assumptions on growth potential and future prospects.