The Portfolio Committee on Trade and Industry has called for written submissions on the Promotion and Protection of Investment Bill.
Committee Chairperson Ms Joanmariae Fubbs said the Bill provides for the legislative protection of investors and the promotion of investment. It aims to achieve a balance of rights and obligations that apply to all investors, whether local or foreign.
The purpose of the Act is amongst others to promote and protect investment in accordance with and subject to the Constitution in a manner that balances the public interest and the rights and obligations of investors.
According to one of the provisions of the Bill, security of investment, the Republic must accord foreign investors and their investments a level of security as may be generally provided to domestic investors, subject to available resources and capacity. Investors will have the right to property in terms of the Constitution and a foreign investor may, in respect of an investment, transfer funds subject to taxation and other applicable legislation.
The balance in the legislation makes it clear that the idea is not to just protect local investors at the expense of foreign investors.
An investor that has a dispute in respect of action taken by the government, which action affected an investment of such foreign investor, may with six months of becoming aware of the dispute, request the Department or any other competent authority to facilitate the resolution of such a dispute by appointing a mediator or other competent body.
Written submissions must reach the Committee by Monday 25 August 2015. Public hearings for oral submissions have been scheduled for 02, 04 and 09 September 2015 at Parliament.
Written submissions should be addressed to Ms J Fubbs, Chairperson: PC on Trade and Industry and marked for the attention of Mr A Hermans, Box 15, Parliament, Cape Town 8000.
Submissions should be forwarded to the following email addresses: ahermans@parliament.gov.za; tmadima@parliament.gov.za and dwoodington@parliament.gov.za.
Enquiries:
Mr A Hermans
Tel: 021 403 3776
Mr T Madima
Tel: 021 403 3822
E-mail: ahermans@parliament.gov.za and tmadima@parliament.gov.za.
Enquiries:
Rajaa Azzakani
Tel: 021 403 8437
Cell: 081 703 9542
Email: razzakani@parliament.gov.za
