Act balances investors’ requirements with need to redress past inequalities
PRESIDENT Jacob Zuma signed the Promotion and Protection of Investment Bill into law on December 13, shortly after the National Assembly and National Council of Provinces had passed the bill. Now referred to as the Protection of Investment Act, it replaces bilateral investment treaties with a number of countries around the world.Interestingly, the act, which will come into operation on a date yet to be proclaimed by the president, dovetails with the establishment of an interministerial committee on investment promotion.The act has been subject to a number of criticisms, including that it will deter foreign investment and consequently affect job creation. Other critics have argued that it contradicts the South African Development Community (Sadc) Protocol on Finance and Investment. However, Finance Minister Pravin Gordhan maintains that investors will be adequately protected and is quoted as saying: "I don’t think it should be a deal-breaker because we provide world-class investment ...
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