by side with general education. we need engineers, accountants, pilots, of course lawyers, actuaries, doctors, nurses, scientists and other specialised technical skills for a an increasingly services sector driven economy. and how can i forget economists! mathematics education is fundamental to this. alongside these structural changes in our economy has been the process of global integration of the south african economy. whilst in the 1960s we were mainly an extractive economy, by the 1990s the south african economy was fairly integrating broadly into the world economy. with sanctions out of the way, imports and exports of goods and services amounted to about 44 % of the economy. currently this has increased to 55. 6 %. the manufacturing sector, despite its challenges from time to time saw its exports rise to 29. 6 % in the 1990s to about 37. 9 % in the period 2000 - 2004. one of the most notable features about the globalisation of the south african economy is to be found in the banking sector. south african banks as a percentage of gdp averaged 77 % during the period 1965 - 1994. in 2004, this share of gdp by south african banks was 109 %. the equity market averaged r2 billion in the period 1970 to 1985., r21 billion per year for the period 1986 - 1993, the annual turnover in the equity market was r62 billion in 1994 and in 2004, the annual turnover was about a r1 trillion. market capitalisation on the jse increased from an annual average of r40 billion for the period 1970 - 1980 to r2 trillion in 2004. further more compelling evidence of globalisation is to be found in the performance of the bond market. between 1970 and 1985, turnover in this market was about r8 billion, in 1995 this had increased to r2. 3 trillion and in the year 2004 turnover was r8. 4 trillion. finally the foreign exchange market which interests so many people has also seen some remarkable evidence of globalisation. to cut a long story short, in 1987 the average daily turnover in this market was 1. 1 billion us dollars and during the course of 2005 the average daily turnover in this market in some 12 billion us dollars. so there is a lot of activity going on there. the only conclusion i can come to is that we are coping well with globalisation. we have seen some benefits but yes there has also been some costs such as the impact of globalisation on the gold mining sector. let me conclude by saying that there has been a remarkable achievement in

, investigative and independent media. thirdly, the judiciary, despite its many weaknesses given where we come from, is independent and is making its contribution towards the respect for the law by all of us. issues are being attended to as far as the transformation of the judiciary both in terms of form and content is concerned. progress in this regard is promising as the government and the judiciary are hard at work to achieve this historically fundamental objective. the respect for the judiciary really demands that the authorities must not keep their eyes off the transformation ball. but whatever the outcomes of this process, the end result must be to protect and enhance the independence and respect for the judiciary. fourthly, we have in south africa policies and laws that respect, protect and understand the fundamental role of private property rights in the economic development of our society. those who a couple of years ago doubted the positive role of private property in society and its role in the economy are slowly coming to the conclusion that people ’ s rights in private property are prerequisites for promoting investment and certainty that one ’ s investment today can be protected by law, with the courts available to enforce it and thus confident to grow businesses whether industrial or agricultural. there are still many countries on our continent which should still need to improve private property rights in order to give surety and confidence to investors. fifthly, there is in this land of hope and opportunity a vibrant culture and entertainment industry which is vital in any society. music, dance, theatre, museums and other places to visit and enjoy. we are even beginning to see the entry by black dancers into the ballet schools and companies. even i, coming all the way from rural limpopo, now appreciate la traviata! so it is not just about soccer and rugby. sixthly, this is a normalising society where challenging issues are looked straight in the eye, in particular race, gender and the development of a black business class. finally, the population expects and demands to be heard at every turn. expectations are justifiably high for housing, clean water, good public schools, good health services, good roads and streets, including traffic lights that work, safety and security, employment opportunities, the fairness of the justice system and the rest. there is demand for delivery everywhere. the public authorities and private companies are kept in check all the time. our society is moving ahead indeed. of course with demands for socio - economic needs also come responsibility to care and look after that which has been