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Business Profile: Cape Town is somewhat removed from the frenetic business hype of South Africa's major financial and industrial centre, Johannesburg, but is still home to some of the country's major financial institutions. These include insurance giants, Old Mutual and Sanlam, financial houses like the Board of Executors, Investec, Merrill Lynch and Fedsure, and petroleum multinationals BP, Shell and Caltex (Chevron). The economic mainstays of the regional economy are, in descending order, tourism, agriculture, textiles and fishing. Agriculture is the largest employer in the region (about 250,000), with the emphasis on wine production and fruit farming, including that of table grapes, apples, peaches, citrus fruit and pears. The textile industry is the biggest industrial employer, providing jobs for some 170,000 people, while 28,000 people are employed in the fishing industry. Official unemployment figures are around 17.8%, substantially lower than the rest of South Africa.

Cape Town has, since the end of apartheid, also become a major destination for international film crews shooting everything from features to fashion. The industry has been attracted here by excellent foreign exchange rates, a first-world infrastructure, a good film service industry, stunning locations and good weather. Similarly, tourism has recently overtaken agriculture as the most significant contributor to the local economy. Other significant contributors to the local economy include financial services, advertising, technology and shipping. Because Parliament sits in Cape Town for about six months of the year, all South Africa's major trading partners have either full embassies or consulates in Cape Town.

Business Etiquette: Cape Town and South Africa's business practices closely mirror those of the United Kingdom and the United States. While suits and ties are the preferred mode of dress in the financial sector, Cape Town tends to be a lot more casual than Johannesburg. Slacks, sports jacket and open-neck shirts are acceptable dress in most sectors, while in summer, many Capetonians strip down to shorts, t-shirts and sandals. English is the language of business. The exchanging of business cards is an important ritual. Greetings between men and women alike is with a firm handshake, and, among the more politically conscious, the African triple handshake - normal shake, then without letting go, tilt the hand up to clasp each other's fingers at a 90 degree angle, then back to a normal handshake.

One thing that tends to irritate business visitors from Johannesburg is that not much happens in Cape Town before 0900, and knock-off time at 1700 (or earlier on a Friday) is something of a Holy Grail. A lot of serious business is conducted over lunch, and the uninitiated will need to be wary of the copious amounts of wine (usually with an alcohol content of 12-13.5%) that flow during business lunches.

Another curious feature is that South Africans generally, and Capetonians in particular, pride themselves on being very hospitable. Foreign visitors invariably find themselves being invited to their host's home within minutes of first being introduced. Home entertaining may be a sit-down dinner, but is more likely to be a barbecue, called a 'braai' (pronounced 'bry'). The usual form at a braai is for guests to arrive at around midday, expecting to eat at 1300. However, they will be lucky if the fire is lit yet, and usually the food only appears in mid to late afternoon, by which time large amounts of beer and wine have flowed. It is wise to eat a large breakfast before going to a braai. It is considered polite to bring along a bottle of wine (or three) as a gift for the hosts. The exception is when doing business or entertaining with a Muslim host, when alcohol is forbidden.



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