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Johannesburg - The nationalisation debate has proved to be one of the leading deterrents to greater investment in South Africa in recent years, the South African Chamber of Commerce and Industry (Sacci) warned on Friday.
Its CEO Neren Rau said the talk was gaining "alarming momentum".
"Support that Cosatu has recently shown for nationalisation will dampen foreign investor enthusiasm for SA at a time when the worsening political crises and financial woes of EU states are likely to inhibit economic growth in developing countries," he said.
"The combined impacts on the South African economy are likely to result in slower economic growth and an inability for business to contribute effectively to the national goals of job creation and poverty alleviation," he said.
At its four-day central committee meeting that ended on Thursday, Cosatu made it clear that it supported nationalisation as set out in the Freedom Charter. The trade union federation also said that nationalisation should include the SA Reserve Bank, and the transport and construction sectors.
Rau said the furthering of the nationalisation debate was also a leadership test for the ANC.
"Business has to date accepted the president's assurance that nationalisation is not on the national agenda."
The open challenge to the view of the president from within his own party and the recent support given to nationalisation by Cosatu added to the conflicting messages.
Rau added that the extension of the nationalisation debate by the ANC Youth League to include expropriation without compensation stood in stark contrast to the spirit and letter of the constitution.
"Indeed, nationalisation as a solution to our societal inequalities and the challenges of poverty and unemployment is flawed on a number of political and economic fronts and attacks the fundamentals of a free society including property rights, an independent central bank and a market economy."
Sacci called for reason to prevail and for leadership.
Its CEO Neren Rau said the talk was gaining "alarming momentum".
"Support that Cosatu has recently shown for nationalisation will dampen foreign investor enthusiasm for SA at a time when the worsening political crises and financial woes of EU states are likely to inhibit economic growth in developing countries," he said.
"The combined impacts on the South African economy are likely to result in slower economic growth and an inability for business to contribute effectively to the national goals of job creation and poverty alleviation," he said.
At its four-day central committee meeting that ended on Thursday, Cosatu made it clear that it supported nationalisation as set out in the Freedom Charter. The trade union federation also said that nationalisation should include the SA Reserve Bank, and the transport and construction sectors.
Rau said the furthering of the nationalisation debate was also a leadership test for the ANC.
"Business has to date accepted the president's assurance that nationalisation is not on the national agenda."
The open challenge to the view of the president from within his own party and the recent support given to nationalisation by Cosatu added to the conflicting messages.
Rau added that the extension of the nationalisation debate by the ANC Youth League to include expropriation without compensation stood in stark contrast to the spirit and letter of the constitution.
"Indeed, nationalisation as a solution to our societal inequalities and the challenges of poverty and unemployment is flawed on a number of political and economic fronts and attacks the fundamentals of a free society including property rights, an independent central bank and a market economy."
Sacci called for reason to prevail and for leadership.
