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International Finance

Chapter Eleven: South Africa

South Africa lies at the southern tip of the African continent. Its west coast borders the Atlantic Ocean, and its south and east coasts border the Indian Ocean. Most of South Africa consists of a large plateau that rises from the country’s interior. A land of contrasts, the country has many landscapes, from snow-capped mountains to winding coastal plains. South Africa’s vast lands also engulf two independent African nations—Lesotho and Swaziland. These two countries are enclaves—small countries surrounded, or nearly surrounded, by a larger one. In 1991 racial segregation (apartheid) was ended in South Africa. In 1994 the first election was held in which all people could vote. The first black African president, Nelson Mandela, was elected.


What Time Is It in South Africa?

South Africa is seven hours ahead of Eastern Standard Time. When it’s 10 a.m. in Washington, D.C., then it’s 5 p.m. in South Africa.


People

About 75 percent of the people are made up of African ethnic groups who can trace their ancestry back almost 2,000 years. The Zulu form the largest ethnic group. Africans of European origin represent 14 percent. Asian and people of mixed descent make up the rest. Over half of the South African population live in cities. Most European South Africans live in modern homes and apartments. Most African, Asian, and mixed-group South Africans live in crowded townships or in neighborhoods outside cities. Many live in rural areas, which were once former homelands, where it’s harder to make a living. Equality is still a. struggle, but the arts point the way. Each South African province has its own performance company that represents people of all races.


Doing Business in South Africa

If you plan to do business in South Africa, here are a few tips you might want to know.

Greetings

  • Shaking hands is the customary greeting for most.
  • When addressing someone, the use of first names is common. However, because of ethnic diversity, it’s best to wait for your South African host to set the standard.

Gestures

  • As a rule, eating on the streets is considered inappropriate behavior. Eating ice cream or standing next to a food stand, however, are exceptions.
  • Some ethnic groups consider gesturing with the left hand impolite.

Protocol

  • Make prior appointments and be punctual.
  • Western-style clothing is popular. Dress as you would in the U.S.
  • South Africans are friendly and hospitable. Be prepared for informal conversation before getting down to business.


Want to know more about South Africa?

Visit www. Britannica.com.

 


   
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