South African Lawmakers Approve Foreign Investment Bill
- New law to replace lapsed bilateral investment treaties
- Scraps state obligation to submit to international arbitration
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South Africa’s National Assembly approved a bill to protect foreign investment that’s drawn criticism from business groups.
“The bilateral investment treaties were signed before the present constitution and we decided to let them lapse and then have this piece of legislation that guarantees their right to be treated like any other company operating in South Africa,” Trade and Industry Minister Rob Davies told reporters in Cape Town on Tuesday.