Germany wants investor assurance from SA | Fin24
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Germany wants investor assurance from SA

Nov 21 2014 18:31

Pretoria - The German foreign minister expressed concern about the protection of German investments after South Africa cancelled a bilateral agreement regulating questions such as taxation and eventual expropriations.

Foreign Minister Frank-Walter Steinmeier told journalists in Pretoria on the second day of his visit to the country that Germany needs a "clear message" that South Africa can provide an "investment-friendly environment".

Foreign Affairs Minister Maite Nkoana-Mashabane said about 600 German companies were expanding their activities in South Africa and that they had "nothing to fear," adding a promise to review German concerns.

South Africa has been cancelling agreements signed under the 1948-94 apartheid regime, according to German diplomatic sources.

Steinmeier said it was unclear whether South Africa would replace bilateral investment protection agreements.

German companies have investments worth billions of euros in South Africa in fields including electronics and the car industry.

The country had a "peace builder" role in countries such as South Sudan and the Democratic Republic of Congo, Steinmeier said.

He also expressed confidence that growing domestic criticism of the ruling African National Congress (ANC) would not destabilise the country.

Heightening scrutiny on ANC is a normal part of civic debate, Steinmeier said, making reference to criticism of President Jacob Zuma over a $20m upgrade to his rural homestead.



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