FOREIGN INVESTORS WANT POLICY CERTAINTY ON LAND IN SOUTH AFRICA

JOHANNESBURG– European investors has stressed that South Africa should do more to create policy certainty in order to attract the 100 billion US dollars in new investment envisaged by President Cyril Ramaphosa.

This emerged during a meeting here Wednesday between officials from Brand South Africa — the marketing body set up by the government to help create a positive and compelling brand image for South Africa — and 22 European business representatives in the country.

The European businesses say the government’s inefficiencies remain a major stumbling block to growing their investments in the country. European companies account for the lion’s share of the Foreign Direct Investment in the country.

They say that the presidency of Cyril Ramaphosa has ushered in new hope for the country but inefficiencies within government departments ,coupled with poor communication on policies, remain a concern for investors seeking new growth opportunities in the country.

The slow pace of the business visa application process is another challenge facing European investors. Europe is a major player in the South African economy, accounting for about 75 per cent of foreign direct investment (FDI) and creating about 850,000 jobs.

Petrus de Kock, the General Manager for Research at Brand SA, said European companies had demonstrated their commitment to the local economy despite the many challenges they were facing.

He said the European investors want policy clarity on some of the legislation passed or proposed, including the land issue in which Government is proposing to expropriate privately held land without compensation to compensate for past seizures of land from indigenous South Africans by the former colonial powers, as well as the Copyright Bill or the Mineral Petroleum Resources Act.

European businesses say they want more clarity on the land question and the policy of Broad-Based Black Economic Empowerment (BBBEE). Many put the blame on the government for its lack of clarity on these policies.

Donnee Kruger, a member of the Board Treasurer of the European Union Chamber of Commerce and Industry in Southern Africa, said: A lot of the issues pertain to co-ordination between the South African government institutions. At the higher level, it is on the policy outlook of the country, for example the land question came up.

Brand SA will take their recommendations to the relevant stakeholders in government. The engagement is being held in the context of preparing for the investment summit later this year. Brand SA plans to hold more such meetings with other investor groups in the country.

Source: NAM NEWS NETWORK

FOREIGN INVESTORS WANT POLICY CERTAINTY ON LAND IN SOUTH AFRICA

JOHANNESBURG– European investors has stressed that South Africa should do more to create policy certainty in order to attract the 100 billion US dollars in new investment envisaged by President Cyril Ramaphosa.

This emerged during a meeting here Wednesday between officials from Brand South Africa — the marketing body set up by the government to help create a positive and compelling brand image for South Africa — and 22 European business representatives in the country.

The European businesses say the government’s inefficiencies remain a major stumbling block to growing their investments in the country. European companies account for the lion’s share of the Foreign Direct Investment in the country.

They say that the presidency of Cyril Ramaphosa has ushered in new hope for the country but inefficiencies within government departments ,coupled with poor communication on policies, remain a concern for investors seeking new growth opportunities in the country.

The slow pace of the business visa application process is another challenge facing European investors. Europe is a major player in the South African economy, accounting for about 75 per cent of foreign direct investment (FDI) and creating about 850,000 jobs.

Petrus de Kock, the General Manager for Research at Brand SA, said European companies had demonstrated their commitment to the local economy despite the many challenges they were facing.

He said the European investors want policy clarity on some of the legislation passed or proposed, including the land issue in which Government is proposing to expropriate privately held land without compensation to compensate for past seizures of land from indigenous South Africans by the former colonial powers, as well as the Copyright Bill or the Mineral Petroleum Resources Act.

European businesses say they want more clarity on the land question and the policy of Broad-Based Black Economic Empowerment (BBBEE). Many put the blame on the government for its lack of clarity on these policies.

Donnee Kruger, a member of the Board Treasurer of the European Union Chamber of Commerce and Industry in Southern Africa, said: A lot of the issues pertain to co-ordination between the South African government institutions. At the higher level, it is on the policy outlook of the country, for example the land question came up.

Brand SA will take their recommendations to the relevant stakeholders in government. The engagement is being held in the context of preparing for the investment summit later this year. Brand SA plans to hold more such meetings with other investor groups in the country.

Source: NAM NEWS NETWORK