Sea Harvest’s Investment in SA Fishing Industry
The South African hake industry is a significant contributor to the SA fishing sector with an estimated value of R4.8 billion (2019). Sea Harvest’s investment in local fishing operations is thus also significant, especially considering that the company is the single largest employer in the hake sector of the country.
With more than 3600 jobs directly and indirectly made possible by the company’s operations and investments in Saldanha Bay, the firm has played a key role in the economic development of the West Coast region of the Western Cape.
An overview of Sea Harvest’s investment in the hake sector highlights the important role of the company in growing the sector.
Investment in assets
The company has invested over R3.5 billion in processing facilities, which include a R110 million investment in the upgrading of the Saldanha Bay factory technology.
Sea Harvest has also spent a significant amount on the acquisition of vessels with an international market value of more than R250 million. The largest part of Sea Harvest’s operations is located in semi-rural areas of the West Coast, thereby helping to give communities on the West Coast opportunities to grow and develop sustainable business models, generate income and develop economic buying power.
Maximum benefit for the local South African economy
Sea Harvest’s operations and investments in facilities upgrades benefit the local communities in terms of job creation and reinvestment from income into the South African fishing sector and previously disadvantaged communities.
Sea Harvest and transformation
The company is committed to investing in the transformation of the South African fishing industry, proven by the investment towards skills development and support initiatives for the smaller fishing operators.
Helping to overcome the challenges of COVID-19
The years 2020 and 2021 brought unique health and economic challenges to the West Coast. The company stepped up to the plate to help safeguard communities with investments coming to R35 million in health and safety measures, ensuring job security, assistance with the vaccination drive through the establishment of an on-site vaccination centre, and providing employee support models.
Sea Harvest and investment in the local communities
As a major player in the SA fishing industry, Sea Harvest has shown that employees and communities matter for the sector with the establishment of the Sea Harvest Foundation. As many as 7000 people have received benefits from the business and community development programmes, bursaries, health measures and facilities, as well as ECD.
Investment in marketing hake
As mentioned earlier, the hake operations are a significant contributor to the SA fishing sector and investments in hake marketing also benefit the sector. The company has generated considerable income within the retail and foodservice industry, with export sales to 26 countries globally. With exports making up at least 66% of the sales, the company has managed to increase the foreign exchange into SA.
Final thought
The company is a market leader in the hake industry and continues to invest in facilities, transformation, job creation, and marketing hake and other products relevant to the SA fishing industry.