South Africa is the economic powerhouse of the African continent. Although the business environment is complex, South Africa is one of the most developed economies in Africa.
Doing business in South Africa is not without its challenges but these challenges do not overshadow the opportunities of doing business in Africa’s most advanced, broad-based economy. Despite, socio-economic and political uncertainties, South Africa is still an attractive destination for foreign companies looking to develop a footprint in the African market.
If you are considering doing business in Africa, it is probably a good idea to consider South Africa for your business hub. With its geographic position on the southern tip of the African continent, South Africa is the gateway to Africa, providing easy access to the rest of the continent.
South Africa is one of the world’s largest producers and exporters of gold, platinum and other natural resources. In addition to rich resources, South Africa has a well-developed transport infrastructure and established manufacturing base. The country’s modern infrastructure allows for efficient distribution of goods to major urban cities throughout the region.
South Africa also has a robust financial and legal system. As of March 2019, South Africa’s stock exchange was the 16th largest in the world and the largest in Africa by market capitalization (Source: PwC South Africa).
With a population of 56 million people, South Africa represents one of the world’s most multicultural nations, rich in cultural diversity and natural heritage.
South Africa is a free-market economy offering numerous opportunities for foreign companies. Starting a business in South Africa is relatively easy. According to the latest World Bank annual ratings, South Africa is ranked 82 among 190 economies in the ease of doing business.
South Africa’s private sector is represented by a number of business organizations, including the National African Federated Chamber of Commerce and Industry (www.nafcoc.org.za), South African Chamber of Commerce and Industry (www.sacci.co.za), Johannesburg Chamber of Commerce and Industry(www.jcci.co.za), and Cape Town Chamber of Commerce and Industry (www.capetownchamber.com). These organizations offers networking opportunities, local market intelligence, and resources to help you start and grow business activities in South Africa.
South Africa stands as a promising emerging market and is ready to show investors around the world its status as an emerging economic power.
Staff Writer, The Global Business Advisor Magazine