Dr Rob Davies
Photo by: Duane Daws
Cabinet has approved the introduction of the revised Promotion and Protection of Investment Bill in Parliament.
“The Bill reaffirms that South Africa remains open to foreign investment, provides adequate security and protection for all investors and preserves the sovereign right of the South African government to pursue developmental and transformational public policy objectives,” Trade and Industry Minister Dr Rob Davies told the media in late June.
The draft Bill was set up shortly after South Africa decided to terminate its bilateral investment treaties with certain European countries, including Belgium, the Netherlands, Luxembourg, Germany, Spain and Switzerland.
It is intended to promote investment by modernising the current investment regime and getting investors to achieve a balance of rights and obligations that apply to all investors in the country.
Cabinet, meanwhile, has also approved the submission of the Additional Protocol to the Trade, Development and Cooperation Agreement between the European Community and its members States to Parliament for ratification.
The protocol took into account the accession of the Republic of Croatia to the European Union, in July 2013.