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Susan Rice discusses black economic empowerment with with host Mishal Husain.
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Read the transcript.
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How has South Africa changed post-apartheid?
In 1994 apartheid ended and South Africa held its first non-racial elections. A new constitution and government resulted, bringing hope to many South Africans. But were their dreams fulfilled? Visit the photo essay to get a look at the face of South Africa today. Learn more about the past, present, and future of three distinct South African industries in the handbook. Then explore the facts and figures behind the people of South Africa inside the info-graphic. Or begin your journey by learning about some of the ways South Africa is leading the charge in Africa in the briefing below by journalist Nicole Itano.
South Africa: Superpower on the Horizon?
By Nicole Itano
August 25, 2003
More than nine years after the end of apartheid, South Africa has emerged as Africa's political superpower. The status is grounded in South Africa's economic success. From cell phones and banks to fast food chains and grocery stores, if a new business opens in an African town, it's most likely South African.
It wasn't always the case. During the 46-year apartheid era, international sanctions put South Africa in economic isolation and on a slide toward bankruptcy. Relations with neighbors like Zimbabwe, Zambia, and Lesotho were more often hostile than not.
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| 1910 |
Colonies decide -- with British encouragement -- on the formation of the Union of South Africa.
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| 1948 |
National Party (NP) takes power and implements system of apartheid.
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| 1960s |
International community begins to pressure South Africa's government by imposing sanctions and excluding them from the Olympic Games.
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| 1991 |
President de Klerk lifts most apartheid laws, including the Population Registration Act, and frees Nelson Mandela.
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| 1993 |
Most remaining UN sanctions on South Africa are lifted, along with most of those imposed by the U.S. and by many African nations.
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| 1994 |
First non-racial elections. Twenty-two million people turn out to vote, electing the African National Congress (ANC) and Mandela into power.
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| 1998 |
A series of black economic empowerment laws are passed, including the Employment Equity Act.
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When the African National Congress came to power in 1994, the goal was to reverse that past. Unlike their white predecessors, Pretoria's new black leaders saw South Africa as an intrinsic part of the rest of Africa. Borders were opened, trade barriers dismantled, and calls for integrating Africa's economic and political systems rang out. It was a perfect scenario for a country with South Africa's sophisticated infrastructure and advanced manufacturing capabilities. Since 1991, South African firms have invested an average of $1.3 billion per year in other African countries. Exports to African markets have soared by 59 percent in the last three years. The country is now Africa's leading provider of foreign direct investment, according to the research group Liquid Africa.
At least on the surface, it's a win-win situation. Less prosperous African countries get jobs, economic growth, and new technology, like cell phones that help them build modern economies. South African companies get much-needed new markets for industries competing in a global economy and, at a profit. South African companies say investing in Africa makes sense: it's geographically close, familiar, and the markets are often wide open. There are also tax and exchange incentives provided by the South African government aimed at keeping investment money on the continent.
"Eventually the market in South Africa will reach some maturity," says Monika Steinlechner, general manager of corporate finance for the MTN group, one of South Africa's three cellular networks, explaining why her company has reached out into the continent. "But mobile technology, mobile phones, will actually be the means of communication in lots of less developed African countries. So the potential is huge."
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A South African buys a lotto ticket.
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