Maritime Growth to Benefit African Economies
At Link Ship Chandlers, we love sharing some good news stories, which is why we are beyond excited to report that growth in the maritime industry is said to hold major growth opportunities for at least five African economies in 2020 and beyond. Here is a look at the countries that stand to benefit most from increased maritime trade and business growth along African shores, and why they are so well positioned to take advantage of the opportunities that will be coming their way.
The Republic of Madagascar
Madagascar boasts an ample 5500 km coastline and is perfectly positioned along the Indian Ocean trade route to benefit from maritime transport between Australia, Asia and the thriving Middle East. It has also recently received a major Chinese investment pledge that will be used to construct and upgrade shipyards, fisheries and more.
The Federal Republic of Somalia
Somalia has 3000+ km of coastline and a rich ocean territory that reaches 120km offshore. Additionally, the monsoon winds that occur in this region fill these waters with nutrients and found, yielding bountiful seafood resources. The threat of piracy has stopped the industry from flourishing in recent years, but increased international naval presence around the Horn of Africa is now providing much-needed relief and scope for growth.
The Republic of Kenya
Kenya benefits from the existence of a huge 200 000 nautical mile EEZ (exclusive economic zone), and also lies smack dab in the heart of the tuna belt. There is currently a big drive to promote seafood among the local inhabitants to increase food security in the long term.
The Republic of South Africa
Operation Phakisa is an initiative that is being rolled out by the South African government with the aim of using the country’s 4000+ km coastline to add R177 billion to the GDP and generate one million jobs by 2033. This includes a focus on marine transport and manufacturing, offshore oil and gas, marine protection and aquaculture.
The Federal Republic of Nigeria
In Nigeria there is a lot of potential to provide employment and boost food security by placing focus on shipbuilding and repair yards. A recent lack of investment in this sector has cost the country a lot of potential revenue, and new infrastructure developments are poised to drive growth in this vulnerable ocean economy.
What a wonderful way to go into 2020 – it’s such a great feeling to be able to spread optimistic news! Keep an eye on the blog in the coming weeks and months for more expert insight into all things shipping. In the meantime, feel free to reach out to the Link Ship Chandlers team if you would like to find out more about our maritime supply services at Cape Town, Saldanha, Port Elizabeth, Coega, Durban and Richards Bay.