Thu. Nov 21st, 2019

Cape Town looking towards boat building industry for jobs

boat buildingThe boat building industry in Cape Town is already worth R1 billion a year annually and the City is looking into how it can help it grow.

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The City of Cape Town’s mayoral committee member for economic opportunities and asset management, James Vos, believes the boat building industry in the city has the potential to provide significant economic growth.

Supporting boat building

Vos was speaking after the conclusion of the South African Boat Builders Export Council’s (SABBEX) annual industry awards.

According to statistics published by IOL, the industry has raised investments of R30 billion and created over 7000 jobs since 2014.

It is largely an export-focused industry, which is important because it means payments for its products and services bring in foreign currency rather than recycling money already in the South African economy.

According to SABBEX, 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. Of course, both SABBEX and the city are keen to see how they can increase those numbers.

Cape Town is a world leader

All of these positive factors have led the city to look for ways they can assist the industry to grow bigger, stronger, and faster.

“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.

“Preliminary findings of the recent research conducted that looked into the economic contribution of the ocean sports economy Cape Town, showed that this is a significant sector demonstrating huge growth potential and job creation capabilities. The full findings will be presented later this month.

“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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