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South Africa's boat building industry earns more than R1 billion annually

South Africa's boat building industry earns more than R1 billion annually

Image from iol.co.za


The South African boat building industry currently earns more than R1 billion per year. Cape Town is not only the largest shipbuilding city in South Africa, but also the second largest producer of catamaran in the world. The boat building industry in Cape Town has grown by 28.8% year-on-year since 2012. The industry exports 90% of its products each year and attracts about $73 million in investment.

In a statement following the South African Boat Builders Export Council's (SABBEX) annual industry awards, the City of Cape Town's mayoral committee member for economic opportunities and asset management, James Vos, said the city was currently exploring ways to support the industry and how best to address problems such as skills development.

"We are keen to support sectors such as boat building to facilitate accelerated economic growth, job creation, and economic inclusion through skills development," he said.

The boat building industry was worth R1.4 billion annually, while it was estimated that oceans sports could bring in R1.2 billion a year.

Vos said he and Cape Town mayor Dan Plato had earlier this year visited two boat building yards in Cape Town - Voyage Yachts and Two Oceans Marine Manufacturing in Paarden Island - to ''experience first-hand what makes the local multi-billion rand building industry tick''.

Since 2014, this industry had secured investments worth R30 billion and created over 7000 direct jobs in the oceans economy. The industry exported 90% of the products manufactured and attracted a positive trade balance of around $73 million, or over R1 billion, annually.

The city's enterprise and investment department had worked closely with  South African Boatbuilders Export Council (SABBEX) and the sector this year on priorities to help promote and market the industry in South Africa and internationally at events such as the Miami International Boat Show.

"Cape Town is a world leader in boat building and a hub for big ideas and innovation. This city is committed to working with sectors that can stimulate job creation," Vos said.
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