In the words of President Cyril Ramaphosa, South Africa’s economic recovery plan will focus on creating new digital skills and move away from previous systems.
Writing his weekly open letter to the public, Ramaphosa said that the change will focus on putting the economy on a fundamentally different growth trajectory. The president believes that one of the ways that this can be done is through job-creating potential of the digital economy. He also cited a recent report that ranked South Africa first in the world as a destination for global business services.
South Africa has seen nothing but growth in various sectors throughout recent years, including finance and banking, communications and information technology, the gaming market, and others. For example, in the latter, online casinos in South Africa are appealing to a lot of world-known popular iGaming companies such as NetEnt, Microgaming and Pragmatic Play.
Cyril Ramaphosa plans to include sectors like call centres, technical support and back and front office services. In a short span of time, South Africa has managed to position itself from an unknown destination for offshore customer delivery to be a leader like Indian and the Philippines.
South Africa has many advantages that make it an attractive destination for business services such as:
- Having a sophisticated digital infrastructure such as mobile networks and high-speed broadband.
- Having a young and skilled workforce that delivers a world-renowned quality of service.
- Deep knowledge in the technology and financial industry.
- A high level of English proficiency.
- Positioned in a similar time zone to key export markets.
In order to promote this sector, the Global Business Services incentive was launched, and it was successful in reducing costs and attracting new investors to the country.
Ramaphosa claims that the sector in South Africa is twice the global growth rate for the sector since 2014 and it is also three times faster than key competitors.
Since 2018, South Africa has added 40,000 jobs to the economy, with 82% of these new jobs occupied by young people and 65% being women.
It is clear that the country is moving forward with its economic reconstruction and recovery. The president claims that it is now important to recognise and nurture these improvements.
Losing sight of true potential is easy when you get caught up with immediate challenges. However, the president believes that the country has all of the ingredients that they need for economic success. All that’s left to do is for South Africa to put them in good use.