The Eastern Cape has become the first province in South Africa to launch a dedicated Oceans Economy Satellite Account, a data-driven blueprint detailing its maritime potential. This initiative highlights opportunities in shipping, fishing, tourism, and offshore gas exploration, while emphasizing sustainable development and job creation.
On November 9, 2025, the Eastern Cape provincial government unveiled the country's first Oceans Economy Satellite Account, marking a significant step toward unlocking the region's maritime potential. This verifiable dataset, commissioned by the Eastern Cape Socio-Economic Consultative Council, provides investors with essential data on risk and return in the sector.
The Oceans Economy encompasses sustainable activities that leverage ocean resources for economic growth, improved livelihoods, and job creation while protecting marine ecosystems. South Africa's coastline is a global marine biodiversity hotspot, hosting nearly 13,000 species and ranking third worldwide for endemic marine species. Nationally, the fisheries sector generates about R8-billion annually and employs around 28,000 people. A 2014 scoping study by Operation Phakisa projected the ocean economy could add R177-billion to South Africa's GDP and create over one million jobs by 2033.
Based on 2023 data, the Eastern Cape's Oceans Economy contributed R27.9-billion, or 5.2% of the provincial economy, with a total output of R54-billion, gross value added of R25-billion, R3.1-billion in investments, and approximately 43,000 jobs. Key contributors include transport and logistics, offshore oil and gas exploration, and tourism. The study identifies focus areas such as marine transport and manufacturing, aquaculture and fisheries, marine protection services, small harbours development, and coastal tourism, alongside skills development and research.
"The Eastern Cape poses promising results in terms of economic development and growth in the Oceans Economy," the study states. "The Oceans Economy sector must be used as a growth frontier and lever to drive an inclusive economy." It stresses the need for environmental responsibility, particularly in resource extraction, and calls for community inclusion, transformation targets, and integration into global value chains. Investments in exploration, such as in Algoa Bay, port enhancements, and logistics connectivity are recommended to attract foreign direct investment, while balancing economic benefits with sustainability and security.