How to Promote Industrial Development in South Africa
What is an industry?
Industry is a term that refers to group of productive businesses or companies that produce and supply commodities or render services to targeted clients.
What are the types of industry?
There are three basic classification of industry
1. Primary Industry
2. Secondary Industry
3. Tertiary Industry
What are the main industries in South Africa?
1. Mining
2. Transport
3. Energy
4. Manufacturing
5. Tourism
6. Agriculture.
What are the fast growing industries in South Africa?
1. Finance and banking
2. Communications and information technology
3. Transport and logistics
4. Mining industry
5. Agriculture and agro-processing
6. Pharmaceuticals and healthcare
7. Insurance industry
8. Real estate
9. Automobile
10. Fashion and beauty
What drives South Africa economy?
The mining, agriculture and manufacturing industry.
What is industrial development?
Industrial development is the transformation of an economy from an agriculture resource base to a manufacturing base economy. It also refers to the growth or increase in manufacturing sector or industrial process which become the lead contributor to a country’s economy.
How can industrial development be promoted in South Africa?
1. Increase regional trade in service provision with other African Countries to support industrial development.
2. Invest in the digital economy. Develop E-commerce to increase market for the industrial goods.
3. Encourage privatization of industries.
4. Reduce taxes levied on industries and provide subsidies.
5. Develop an efficient transportation network for industries.
6. Create advertising campaign to promote local enterprises.
What are the benefits of industrial development?
1. Higher standards of living
2. Increase in employment
3. Conversion of rural to urban areas
4. Increase in a country’s Gross Domestic Product (GDP)
5. Increase in output of goods leads to reduction of prices
What are the drawbacks of industrial development?
1. Degradation of the environment.
2. Promotes ill-health among workers and residents in society.
3. Migration from rural to urban areas leads to congestion in cities.
4. It leads fall of rural industries.
5. It leads to inflation.
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What are the challenges for industrial development?
1. Insufficient power supply
2. Management problems
3. Inadequate capital for industrial expansion
4. Poor Culture of business investment
5. Interference and globalization
What are the 5 largest industries in the world in term of job employment?
1. Electronic manufacturing industry
2. Commercial Real Estate
3. Restaurants
4. Recruitment Agencies
5. Fashion Industry
Which body oversee the industrial development of South Africa?
The Industrial Development Corporation (IDC)
What is the general objective of South Africa’s industrial development policy?
National Industrial Policy Framework (NIPF) is design to define government’s approach to the industrial development of the South African economy.
What are the 4 largest industries in Africa?
1. Agriculture
2. Banking.
3. Oil and gas.
4. Telecommunication.
What are the top 10 products South Africa manufacture and export?
1. Gems, precious metals is worth US$35 billion (28.2% of total exports)
2. Ores, slag, ash is worth $18.6 billion (15%)
3. Vehicles is worth $10.7 billion (8.6%)
4. Mineral fuels including oil is worth $10.3 billion (8.3%)
5. Machinery including computers is worth $6.6 billion (5.4%)
6. Iron, steel is worth $6.3 billion (5.1%)
7. Fruits, nuts is worth $4.5 billion (3.6%)
8. Other chemical goods is worth $2.1 billion (1.7%)
9. Aluminum is worth $1.9 billion (1.5%)
10. Electrical machinery, equipment is worth $1.7 billion (1.4%)
