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More Certainty About FDI in SA
| News by Staff ReporterPravin Gordhan said there would be more certainty about foreign direct investment in SA
South African Finance Minister Pravin Gordhan on Monday said within the next year there should be more certainty about foreign direct investment in the country.
Speaking at the Business Unity SA annual general meeting in Johannesburg Gordhan said, “Within the next year we’ll have a very clear legal framework within which FDI [foreign direct investment] can operate.”
This legal framework would “give foreign investors a clear and consistent picture within which to work,” he said.
His comments came as a response to the confusion created by government’s reaction to the R16,5-billion acquisition of a controlling stake in Massmart by the US giant Walmart.
He said while he would prefer not to comment on the acquisition, various issues raised by the deal were correct, including government’s wish to promote procurement and small businesses and prevent job losses.
According to Gordhan the discussion document released by the National Treasury entitled “A review framework for cross-border direct investment into South Africa” would “clearly identify what we see as strategic industries where particular rules apply.”
Source: www.bizpremises.co.za
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