plus it is in the enviable position to be able to offer you a world class product and the exchange rate makes it one of the least expensive First World economies to do business with.
a mature South African manufacturer of Hydraulic and Pneumatic Seals, Precision Rubber Products and all things Polyurethane (for a more in-depth listing of Fuzion Trading’s products Please Click Here )
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While much of the world staggered in the wake of the global financial meltdown, South Africa has managed to stay on its feet – largely due to its prudent fiscal and monetary policies. The country is politically stable and has a well capitalised banking system, abundant natural resources, well developed regulatory systems as well as research and development capabilities, and an established manufacturing base. Ranked by the World Bank as an “upper middle-income country”, South Africa is the largest economy in Africa – and it remains rich with promise. It was admitted to the BRIC group of countries of Brazil, Russia, India and China (known as BRICS) in 2011. With a world-class and progressive legal framework, South African legislation governing commerce, labour and maritime issues is particularly strong, and laws on competition policy, copyright, patents, trademarks and disputes conform to international norms and standards. The country’s modern infrastructure supports the efficient distribution of goods throughout the southern African region. The economy has a marked duality, with a sophisticated financial and industrial economy having grown alongside an underdeveloped informal economy. It is this “second economy” which presents both potential and a developmental challenge.
In its 2012-13 Global Competitiveness 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 development, “indicating high confidence in South Africa’s financial markets at a time when trust is returning only slowly in many other parts of the world”. The country’s securities exchange, the JSE, is ranked among the top 20 in the world in terms of size.
South Africa’s dream of growing an inclusive economy by drawing on the energies of its people is given voice through the National Development Plan 2030, launched in August 2012. The proposed interventions aim to eliminate poverty and reduce inequality by 2030 by expanding economic opportunity for all by:
- Investing in and improving infrastructure, as well as supporting industries such as mining and agriculture;
- Diversifying exports;
- Strengthening links to faster-growing economies;
- Enacting reforms to lower the cost of doing business;
- Reducing constraints to growth in various sectors;
- Moving to more efficient and climate-friendly production systems; and
- Encouraging entrepreneurship and innovation.
Over the past decade, substantial increases in government social service spending have helped reduce poverty, but now the government has begun to place a greater emphasis on infrastructure, employment and economic growth. In a massive public-sector investment, South Africa has spent R642-billion on infrastructure development in the past thee years – and plans to spend more than R827-billion over the next three years to improve access to export markets and reduce costs in the economy. Money will be spent on improving the energy sector to double electricity generation, on transport and logistics, hospitals and clinics, and on education infrastructure as an investment in human capital.
The overall investment environment remains encouraging. A G20 country, South Africa is considered a low-risk investment destination for investors looking for a foothold into Africa. As the continent’s largest African investor, South Africa sends more than 25% of its manufactured products into the continent. Through investment incentives and industrial financing interventions, the government actively seeks to encourage commercial activity and attract foreign capital. South Africa earned around R42-billion in foreign direct investment in 2011, which was more than four times the amount in 2010. Principal international trading partners of South Africa (besides other African countries) include: China, the United States, Germany, Japan, and the United Kingdom. Chief exports are metals and minerals. Machinery and transportation equipment make up more than one-third of the value of the country’s imports. Other imports include automobiles, chemicals, manufactured goods, and petroleum.