In what it describes as a show of support for the National Development Plan’s objective of promoting investment and export growth, Cabinet has approved the introduction of the revised Promotion and Protection of Investment Bill into Parliament.

“The Bill reaffirms that South Africa remains open to foreign investment, provides adequate security and protection to all investors and preserves the sovereign right of the South African government to pursue developmental and transformational public policy objectives,” Trade and Industry Minister Dr Rob Davies told the media in a post-Cabinet briefing on Thursday.

The draft Bill was set up shortly after South Africa decided to unilaterally terminate its bilateral investment treaties with certain European countries and specifically Belgium, the Netherlands, Luxembourg, Germany, Spain and Switzerland.

It was intended to promote investment by modernising the current investment regime and getting investors, whether foreign or local, to achieve a balance of rights and obligations that apply to all investors when investing in the country, Engineering News Online reported in February.

Cabinet, meanwhile, also approved the submission of the Additional Protocol to the Trade, Development and Cooperation Agreement between the European Community and its members States to Parliament for ratification.

The additional protocol took into account the accession of the Republic of Croatia to the European Union (EU), which joined later into the protocol.

Minister in the Presidency Jeff Radebe told the media on Thursday that the enlargement of the EU would improve South Africa’s market access into the region, which would lead to the creation of job opportunities, foster economic growth, and improve consumer choices.