The South African boat building industry, currently worth well over R1-billion annually, holds enormous potential for the country's economy, the City of Cape Town said on Sunday. In a statement following the South African Boat Builders Export Council’s (SABBEX) annual industry awards and dinner held on Thursday, mayoral committee member for economic opportunities and asset management James Vos said the city was currently exploring the best possible ways to support the industry and how best to address problems such as skills development and access to land.