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We won't expropriate foreign investments – Ramaphosa

Publish date: 11 March 2019
Issue Number: 814
Diary: IBA Legalbrief Africa
Category: General

The ANC is very clear in its position on land expropriation, which is no threat to foreign investments, President Cyril Ramaphosa said in answer to a question in Parliament. ‘There is no question about it. What I told investors at the World Economic Forum (WEF) is absolutely correct,’ he said. ‘At the same time, we cannot tell foreign investors that they must come and invest here in SA to help us grow the economy and then we say we will expropriate their investment.’ A Fin24 report notes Ramaphosa caused widespread controversy when he recently activated a Zuma-era law – the Protection of Investment Act, which states investors have the right to property in terms of section 25 of the Constitution. It is the amendment of section 25 that will allow for the expropriation of property without compensation. Ramaphosa said what he told potential foreign investors was that there has been land stolen from the people of SA. ‘There is a land hunger out there. The message we sent at WEF was clear and the people we spoke to there understand fully what our intent as the ANC is about the historical injustice and they also want to see that justice is promoted,’ said Ramaphosa. ‘The process we are working on is through the constitutional amendment and a Bill. We are going to do everything within the rule of law and within our Constitution and all that will follow its own time.’ Ramaphosa added that potential investors had a list of things they would like to see ‘put right’ in SA, like the mining regulatory framework and spectrum issues. ‘We are looking at those issues. We believe SA still offers great investment opportunities,’ said Ramaphosa.

Full Fin24 report