{"id":6112,"date":"2019-05-21T08:21:20","date_gmt":"2019-05-21T08:21:20","guid":{"rendered":"http:\/\/localhost\/test_manager\/expand-your-business-in-south-africa\/"},"modified":"2019-07-09T06:13:15","modified_gmt":"2019-07-09T06:13:15","slug":"expand-your-business-in-south-africa","status":"publish","type":"post","link":"http:\/\/managersoffice.net\/el\/expand-your-business-in-south-africa\/","title":{"rendered":"Expand your Business in South Africa"},"content":{"rendered":"

THE ECONOMY<\/strong><\/span><\/span><\/p>\n

South Africa has the most sophisticated free-market economy on the African continent. The country represents only 3% of the continent’s surface area, yet it accounts for<\/span><\/span>approximately 40% of all industrial output, 25% of gross domestic product (GDP), over half of generated electricity and 45% of mineral production in Africa.<\/span><\/span><\/p>\n

As well as a strong industrial base, South Africa has a sophisticated financial sector and the country\u2019s main stock exchange is among the top 20 in the world. In its 2012-13 \u2018Global<\/span><\/span><\/p>\n

Competitiveness\u2019 report, the World Economic Forum ranked South Africa second in the world for the accountability of its private institutions and third for its financial market\u00a0<\/span><\/span>development.<\/span><\/span><\/p>\n

Since independence, South Africa has achieved a good level of macro-economic stability, with economic activity occurring in four main metropolitan areas \u2013 namely the\u00a0<\/span><\/span>Witwatersrand area surrounding Johannesburg in the Gauteng Province, the Durban\/Pinetown area in KwaZulu-Natal, the Cape Peninsula and the Port\u00a0<\/span><\/span>Elizabeth\/Uitenhage area in the Eastern Cape.<\/p>\n

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IMPORTS, EXPORTS AND FREE TRADE AREAS<\/strong><\/span><\/span><\/p>\n

Most of South Africa’s exports to industrialised countries consist of primary and intermediate commodities. A large proportion of exports consist of unprocessed raw<\/span><\/span>materials, with the mining industry contributing the greatest proportion of the country’s total exports. However, more of South Africa’s raw materials are now being\u00a0<\/span><\/span>processed in South Africa before being exported.<\/span><\/span><\/p>\n

South Africa is a major exporter of gold, diamonds and platinum, as well as other metals and minerals. The country is also a key exporter of maize, wine and fruit. Main export partners are China, the USA, Japan, Germany and India.<\/span><\/span><\/p>\n

Imports include mainly machinery and equipment, chemicals, petroleum products and foodstuffs, with China, Germany, Saudi Arabia, the USA and Japan chief import partners.<\/p>\n

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BLACK ECONOMIC EMPOWERMENT AND AFFIRMATIVE ACTION<\/strong><\/span><\/span><\/p>\n

Black Economic Empowerment (BEE), a programme which promotes the accelerated integration of black people into the South African economy, has been a policy of the\u00a0<\/span><\/span>government since 1994.<\/span><\/span><\/p>\n

It was crystallised into legislation with the Broad Based Black Economic Empowerment Act of 2003. The act provides the legislative framework for broad-based black economic\u00a0<\/span><\/span>empowerment (BBBEE) by defining the policy, outlining the mechanisms for the regulation and measurement of BEE, and establishing the Black Economic Empowerment Advisory\u00a0<\/span><\/span>Council.<\/span><\/span><\/p>\n

BBBEE involves the economic empowerment of all black people (which, subject to certain limitations, includes black, Indian and coloured South Africans) within four interrelated\u00a0<\/span><\/span>contexts:<\/span><\/span><\/p>\n