Streaming issues? Report here
Temp 702 logo 1000 x 1000 2020 Temp 702 logo 1000 x 1000 2020
Best of 702
00:00 - 06:00
volume_up
volume_mute

Up Next: Weekend Breakfast with Refiloe Mpakanyane
See full line-up
Best of 702
00:00 - 06:00
Home
arrow_forward
Business

Govt preparing new laws to restrict foreign-owned business and 'protect locals'

26 September 2019 1:20 PM
Tags:
Economy
minister
legislation
laws
Khumbudzo Ntshavheni
Small Business Development
foreign-owned business

Small Business Minister Khumbudzo Ntshavheni says the laws will regulate the participation of foreign nationals in SA's economy.

Government is developing legislation that will bar foreign nationals from operating in certain sections of the economy.

Small Business Development Minister Khumbudzo Ntshavheni has confirmed the plans to regulate the participation of foreign nationals in South Africa's economy.

According to the minster, countries such as Nigeria, Zim, Ethiopia, Tanzania, Ghana, Bangladesh, Pakistan all have legislation that bans immigrants from participating in certain sectors.

Ntshavheni says the legislation will also create support measures for South Africans in the chosen sector of the economy.

Currently, she says the government cannot account for the businesses conducted by foreign nationals in South Africa or their economic impact.

We want to strengthen the protection for the locals.

Khumbudzo Ntshavheni, Minister of Small Business Development

We currently do not have enabling legislation that allows us to regulate participation of foreign nationals in the country.

Khumbudzo Ntshavheni, Minister of Small Business Development

Listen to the minister discuss the plans with Clement Manyathela:


26 September 2019 1:20 PM
Tags:
Economy
minister
legislation
laws
Khumbudzo Ntshavheni
Small Business Development
foreign-owned business

More from Business

gklj7crlgyrcoojoartmjpg

When it comes to funding, IDC keeps shifting goal posts - bemoans entrepreneur

4 December 2020 11:54 AM

IDC head of Corporate Affairs Tshepo Ramodibe explains why the funding application for Green Scooters was rejected.

Share this:
Read More arrow_forward

gepf-logo2png

Govt pension fund recovers from March year-end loss, assets at R1.9 trillion

3 December 2020 9:05 PM

Our long-term focus keeps us steady and we remain resilient says the Government Employees Pension Fund's Musa Mabesa.

Share this:
Read More arrow_forward

saa-planejpg

Govt looking to raise $400 million from sale of stake in bankrupt SAA - report

3 December 2020 7:23 PM

According to a report by Bloomberg News, the funds would be used to re-capitalize the reformed South African Airways.

Share this:
Read More arrow_forward

180124 Matshela Koko 2

'History will absolve us' - Former Eskom exec Matshela Koko at Zondo Commission

3 December 2020 6:38 PM

Various witnesses have implicated Matshela Koko in corruption, but he was his confident self before the State Capture Commission.

Share this:
Read More arrow_forward

myfanparkpng

Local celebrity platform myFanPark extends global reach with US merger

2 December 2020 8:49 PM

The platform offers anything from a personalised recipe from a celebrity chef to a virtual locker room huddle with a sports star.

Share this:
Read More arrow_forward

business-crisisjpg

Got a brand emergency? Call 'Ghostbusters for social media crises'

2 December 2020 8:08 PM

Well-known communicators Mike Stopforth and Victor Dlamini have partnered up to launch a 48-hour social media crisis consultancy.

Share this:
Read More arrow_forward

winning-numberspng

Lotto's consecutive number draw not 'dodgy': All combinations equally (un)likely

2 December 2020 7:23 PM

On Wednesday's PowerBall draw - It's when we see an obvious pattern that we get suspicious says statistics expert Johan Ferreira.

Share this:
Read More arrow_forward

covid-19 coronavirus economy 123rfbusiness 123rflifestyle 123rf recession

The Businesses that boomed in 2020

2 December 2020 7:15 PM

One of the worst years this century did not stop some industries from having their best year yet.

Share this:
Read More arrow_forward

business-closed-company-support-entrepreneur-owner-economy-123rf

'There's been no consultation' - Rasa will fight any stricter Covid restrictions

2 December 2020 6:40 PM

There's no scientific evidence the restaurant industry has contributed to the rising infection rate says Rasa's Wendy Alberts.

Share this:
Read More arrow_forward

Family Christmas holiday dinner festive season 123rflifestyle 123rf

Don't Worry, Be Merry: 'Checkers Xmas ad may be corny, but gets under your skin'

1 December 2020 8:44 PM

Checkers has given its own twist to Bobby McFerrin's 80s hit song. The TV campaign gets Andy Rice's advertising hero award.

Share this:
Read More arrow_forward