(TALKZIMBABWE) Zim, SA closer to investment deal
Zim, SA closer to investment dealOur reporter
Wed, 11 Nov 2009 04:22:00 +0000
THE South African and Zimbabwean governments are inching closer to finalising their long-awaited Investment Protection Agreement.
A development team from Zimbabwe and the South African department of trade and industry have been engaged in negotiations for more than a year.
The main provisions of the agreement cover the handling of foreign investments in Zimbabwe, the transfer of capital and investment income, compensation for expropriation and procedures for settling disputes.
The signing of the agreement has been postponed on numerous occasions at the 11th hour, reportedly after the Zimbabweans objected to a clause referring to land investments.
Kevin Lings an economist at Stanlib, said the mining, financial and retail sectors were suffering due to a lack of investment in the country and this was largely due to the lack of insurance against land acquisitions.
However, George Monyemangene, chief director of South Africa's DTI's African bilateral department, said the agreement was not an insurance initiative, but rather a bilateral investment treaty that would see both countries implementing regulatory mechanisms that would protect their investments.
Labels: BILATERAL INVESTMENT PROTECTION AGREEMENT, SOUTH AFRICA, ZIMBABWE
posted by MrK @ 5:25 AM
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