Business Unity SA says the uncertainties around the issue of land expropriation without compensation is making foreign investors nervous, causing them to hold off on investing in SA.
This was in a statement Busa made in Durban over the weekend during a Brics Business Council gathering which focused on South African investment opportunities.
Busa's Busiswe Mabuza says they told the council that policy uncertainty and policy instability are making things difficult for business because investments are being held back.
Some issues are causing instability says Mabuza.
One was around the discussions on Section 25 of the Constitution and the other was visa conditions for our Brics partner countries when they want to establish business in South Africa.— Busiswe Mabuza, Chairperson of the Industrial Development Corporation
The third one was around the prolonged discussions around the mining charter.— Busiswe Mabuza, Chairperson of the Industrial Development Corporation
We proposed to government that these discussions need to be expedited. We need to get to a point of stability so that domestic and international businesses can make their decisions and put money in the country.— Busiswe Mabuza, Chairperson of the Industrial Development Corporation
Mabuza says the target that President Cyril Ramaphosa has put of $100 million is huge a one and all stake holders need to work feverishly on it.
Investment decisions are very difficult to make where one doesn't know what the policy situation is going to be.— Busiswe Mabuza, Chairperson of the Industrial Development Corporation
To hear the rest of the discussion with Busiswe Mabuza, listen below:
This article first appeared on CapeTalk : Foreign investors nervous over land expropriation uncertainty - Busa