South Africa is a beautiful country with a great climate all year round. It is a country that is very much connected to the rest of the world, having fruitful trade deals with China, the UK, the US, and many other countries around the world. South Africa is well-known for its cultural diversity, its incredible array of wildlife, and its tropical climate.
It is not only trade deals that South Africa has successfully grown to benefit their economy; many industries are flourishing thanks to the likes of the advancement in technology. Below, we will look at South Africa’s contribution and involvement in some of the biggest industries in the world.
Casinos and Online Gambling
Gambling and casinos are huge in South Africa, some even saying it is more popular than Rugby. We beg to differ, but the massive growth in the online gambling world in South Africa has contributed to the total global growth of the gambling industry. Whether playing in land-based casinos or online casinos, enticing welcome bonuses and other promotional features are contributing to the success of the industry in South Africa.
Although the industry is heavily regulated and licensing is strictly controlled, millions can still enjoy the perks of online casinos. How have South African entrepreneurs contributed? They have opened South Africa up to the rest of the gambling world by making it easy to deposit money in various currencies.
Once a big problem for those wishing to use online casinos in South Africa, Fintech companies have solved the issue. Flutterwave is the perfect example of a South African-based Fintech company that has helped connect South Africa with the rest of the world – recently sealing a deal with PayPal, making it easier for cross-border transactions.
South Africa has an enormous presence in the online gambling world that is growing year on year thanks to the development of new technologies and the relaxation of strict regulations.
Agriculture is a massive industry in South Africa – it is the country’s largest economic source, equating to 15% of the total GDP. Although there is notable growth in the agricultural economy, there is still room for more. Currently, it only generates 10% of the global agricultural output. The countries in the top 10 are generating up to 75%. A few key challenges are preventing a more rapid growth in the agricultural output in South Africa:● 85% of South Africa’s farms occupy less than two hectares● Underinvestment ● Lack of enabling factors, e.g. stable business and economic conditions.
Still, the agriculture industry in South Africa is growing year by year, making it the perfect industry to consider starting a business. From trading food to farming, there are tons of viable business opportunities.
Banking and The Financial Industry
Africa’s banking sector, in general, has grown at an incredible rate over the last decade. There have been two driving factors contributing to the growth of the sector. 50% can be attributed to a natural market increase with a robust market expansion. As Africa became more economically connected to the rest of the world, the banking sector naturally developed with it – making it comparable to most of the major markets on the continent.
What does this mean? It means it is now easier than ever to capitalise on investments – cryptocurrency being the prime example. Cryptocurrency has revolutionised the world of trading, making it easier than ever for anyone to have a piece of the pie. However, there is a lack of regulation, causing a push for users to utilise peer-to-peer trade alternatives. That is down to crypto exchange platforms encountering setbacks in settling payments that involve banks.
South Africa might not be the only place to mine gold, but it sure is an industry with a massive South African presence. The gold mining industry dates back to 1886 in South Africa and has since grown thanks to immigration and capital investments. By 1899, the gold industry accumulated investments worth over £75 million and produced three-tenths of all gold found globally.
Interestingly, the largest amount of gold lies in the Deep South Mine. It’s the 7th largest gold mine in the world. There is a ton of uranium mined there as well. In total, there are around 6,000 tons of gold in Africa. It is not the easiest to mine because of the cost of specialist equipment and the depth machinery has to go to reach the gold.
South Africa has a presence in multiple global industries, but there has been more of a boom in its own economy. As South Africa has connected with the rest of the world — more so than other parts of the continent have — the economy has flourished.