South Africa has yet to produce major companies

USA TODAY markets reporter Matt Krantz answers a different reader question every weekday. To submit a question, e-mail Matt at mkrantz@usatoday.com.

Q: Have any South African companies emerged for investors?

A: South Africa at times showed promise to be an economic powerhouse. But global public outcry over apartheid turned the country into a political hot spot instead.

Some hoped that would change. In 1991, the last major apartheid rules were repealed and Nelson Mandela was elected president of the African National Congress. That means the African nation has had more than two decades to reinvigorate its economy and return to the global trade stage.

FULL COVERAGE: Nelson Mandela

So far, though, the nation hasn't been a big incubator for companies. Investors interested in this region of the world can invest in a basket of South African companies through the iShares MSCI South Africa exchange traded fund (EZA).

This South African ETF is also interesting because it reveals what some of the biggest companies in the nation are. The company with the largest weighting (14%) in the ETF is Naspers.

Naspers, which has a market value of about $38 million in U.S. dollars, is a media company that operates in 48 African countries.

Next, with a 12% weighting, is MTN Group. The company, valued at about $36 million U.S. dollars, is a voice and data telecom company.

All told, though, investors over the last five years at least would have done better just sticking with U.S.-based companies through the Standard & Poor's 500 index.