SOUTH AFRICA LOOKS FORWARD TO A MUCH-IMPROVED RELATIONSHIP

South Africa, the largest economy in Africa, has traditionally been focused in the primary sectors due to a wealth of mineral resources and favorable agricultural conditions, but now, the country is moving towards becoming a knowledge-based economy, with a greater focus on technology, eCommerce and financial and other services.

- SHARON CHANG

Among the key sectors that contribute to the gross domestic product (GDP) and keep the economic engine running are manufacturing, retail, financial services, communications, mining, agriculture, and tourism.

Since the early 90s, Malaysia and South Africa have deep-rooted relations and regard each other as close partners in the developing world.

Recently, during an interview with Business Today, Schoeman du Plessis, Acting High Commissioner of South Africa to Malaysia, speaks on strengthening and reviving the ties between both countries.

“There are opportunities for us to connect as we have many similarities between both our countries. South Africa looks forward to a much-improved relationship with Malaysia.”

South Africa is an emerging market with ample natural resources, but its economic growth has slowed, what are the reasons and how can South Africa strengthen its economic standing?

We have a very diversified economy with no single economic sector that dominates. For example, manufacture and mining contribute around 13 percent and 20 percent respectively to our GDP, whereas finance and services is the biggest sector which is around 25 percent.