The committee has recommended the adoption of the Protection of Investment Bill to the National Assembly, Committee Chairperson Joanmarae Fubbs said.
“The Committee dealt extensively and thoroughly with the legislation, as is the practice in the Committee with all legislation. The Committee took great care in ensuring that the Bill promotes local as well as foreign investments,”Fubbs said.
There have been warnings that the struggling South African economy will see a flight of foreign investors with the introduction of the Bill, with the opposition Democratic Alliance claiming that the Bill was rammed through the committee by MPs of the ruling African National Congress (ANC) on Tuesday, despite strong opposition from the business and opposition alike.
The vast majority of foreign investors in South Africa have voiced concern that the Bill would deter investment, with the American Chamber of Commerce calling it “another nail in the coffin of the South African economy”.
The committee, however, rejected such claims by some opposition committee members.
Fubbs said the Bill’s purpose is, among others, to protect investment in accordance with and subject to the Constitution in a manner that seeks to balance all the rights and obligations of investors. Enditem