Industries With A Big South African Presence

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

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.

Source: startupmag.co.za