What we're seeing are the forces of globalization coming to us through Africa's biggest economy. The economic invasion seems inevitable. Sanctions against the former apartheid regime prevented most South African companies from investing their huge profits anywhere but at home, stifling expansion into new markets. But the coming of majority rule in 1994 unlocked the country's dormant capacity and within months South African firms were exploring opportunities around Africa. We see a lot of potential in the awakening African markets.
Tellers can now move money between accounts and check balances instantly.
If there's a flareup in violence somewhere they're not rushing to shut down their operation. But not everyone is cheering. Our hope for South Africa acting as an engine for growth has been dashed. It's very disappointing. South African firms say they encourage local manufacturing and try to buy locally as quality improves in each market.