http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.03Change: -0.04
R/$ = 11.99Change: -0.14
Au 1195.90 $/ozChange: -10.25
Pt 1139.50 $/ozChange: -16.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Feb 07, 2014

SA not opposed to BITs – Davies

Back
Trade and Industry Minister Dr Rob Davies
Photo: Duane Daws
Trade and Industry Minister Dr Rob Davies
 
 
 
Africa|Flow|Africa|India|Japan|South Africa|United States|Flow|Service|Rob Davies
Africa|Flow|Africa||Flow|Service|
africa-company|flow-company|africa|india|japan|south-africa|united-states|flow-industry-term|service|rob-davies
© Reuse this



South Africa was not averse to bilateral investment treaties (BITs), Trade and Industry Minister Dr Rob Davies said on Friday, stating that government would still consider establishing these in future should there be a compelling economic or political reason why a BIT was needed.

Speaking at a breakfast hosted by the South African Chamber of Commerce and Industry, Davies did, however, say that should BITs be established in future, it would most likely be done within an alternative framework.

Cabinet, in 2010, decided to terminate all South Africa’s existing BITs. Following this decision the Promotion and Protection of Investment Bill of 2013 was published for public comment on November 1 that year, aiming to “update and modernise” South Africa’s existing legal framework in respect of foreign and domestic investment.

Discussing this Bill, for which public comment closed at the end of last month, Davies emphasised that there was no agenda to expropriate any foreign investment in South Africa, adding that the process of reviewing BITs was not peculiar to South Africa, as many countries were conducting such reviews.

“We have gone through the debate of nationalisation in this country and it has been made clear that we do not have such a policy in South Africa. Even if someone wanted to nationalise, there is something called the property clause in our Constitution, according to which investments are protected. One is entitled to an equitable compensation if there is an expropriation. It is not something that can be easily changed. In fact, we have substantial and real protection for all investments, domestic as well as foreign in the country’s Constitution,” Davies explained.

He added that government had found that there was no correlation between the existence, or nonexistence, of BITs and the flow of foreign direct  investment.

“There are countries with which we have bilateral treaties, but almost no investment. Conversely, there are countries we have no bilateral treaties with  countries, such as Japan, the US and India, but we have a significant flow of investment from those countries. Our investment sources are diversified,” Davies explained.

He further pointed out that government had taken the route of a law of general application that would apply to all foreign investments.

“The law provides for protection against expropriation based on the Constitution. It guarantees national treatment and also provides a series of remedies, including a service for amicable solution, access to the court and the Arbitration Act,” Davies concluded.

Edited by: Tracy Hancock
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
 
Latest News
Updated 4 hours ago The government of St Helena (SHG) and its Department for International Development (DFID) on Friday appointed airline Comair as the provider of air services to St Helena with the Island’s first airport opening in 2016. Comair would offer a weekly Saturday service,...
Updated 4 hours ago The Department of Communications (DoC) digital terrestrial television (DTT) project team was accelerating its efforts to “revive” South Africa’s long anticipated transition from analogue to digital broadcasting. After a more than six-year delay, the next few weeks...
Paul-Roux de Kock
Updated 4 hours ago Residential property prices are forecast to grow at 7.2% this year, on the back of 6.72% growth in 2014.
More
 
 
Recent Research Reports
Projects in Progress 2015 - First Edition (PDF Report)
In fact, this edition of Creamer Media’s Projects in Progress 2015 supplement tracks developments taking place under the Renewable Energy Independent Power Producer Procurement Programme, which has had four bidding rounds. It appears to remain a shining light on the...
Electricity 2015: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
 
 
 
 
 
This Week's Magazine
Projected capital expenditure (capex) in the South African automotive assembly industry should reach a record R7.48-billion this year, says the National Association of Automobile Manufacturers of South Africa (Naamsa) in its 2014 fourth quarter business review. Capex...
After several years of navigating project-threatening red tape and currency fluctuations, the 4.4 MW Bronkhorstspruit biogas power plant, which will supply clean energy to a leading automotive manufacturer in Gauteng, is expected to enter production before June....
RESOURCEFUL The raw material for the pilot plant would be supplied from the dissolving wood pulp plants at Sappi’s Saiccor and Ngodwana mills, in South Africa, and the Cloquet mill, in the US
South African paper and pulp producer Sappi reported earlier this month that it would build a pilot plant for the production of low-cost Cellulose NanoFibrils, or CNF (nanocellulose) at the Brightlands Chemelot Campus in Sittard-Geleen in the Netherlands.
The long-term outlook for Nigeria is a country that has the potential to be very strong. So affirmed International Monetary Fund (IMF) Nigeria Mission Chief and Senior Resident Representative Dr Gene Leon on recently. "But we are starting from a point of huge...
Poor infrastructure planning and inadequate maintenance are becoming increasingly problematic for new developments and the associated infrastructure required to support such developments. In many urban and rural municipalities, the state of infrastructure has been...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96