General Information

Well integrated into the global economy (part of the BRICS, the WTO, the G20, the SADC, etc.), South Africa is a country open to international trade and foreign investment. It is in the Top 3 richest countries in Africa with Nigeria and Egypt.

South Africa is continuing its process of economic diversification to reduce its dependence on mining resources, developing in particular the agri-food, health, services, industry but also finance sectors, the Johannesburg Stock Exchange being the first on the continent.

Despite recurring problems (high unemployment and poverty rates, significant financing needs of public enterprises, etc.), it remains a flagship country for Africa and still offers many opportunities that make it a must-see and popular destination.

An implementation or project in South Africa must take into account the Black Community Economic Development (BEE) programme, allowing them to be more involved through skills, ownership, management, socio-economic development and preferential procurement.

Means of Payment & Banking Specificities

The US dollar is the most common currency in transactions, even though the euro is widely accepted.

Offers made in commercial markets are very often quoted in rand (ZAR). Include an indexing clause.

The recommended means of payment for commercial transactions has become the confirmed documentary credit in recent years due to the deterioration of corporate risks.

The payment of advance on the order is commonly practised.

All types of conventional guarantees are issued by South African banks.