SOUTH AFRICA’S PLANNED LAND REFORM TO BE ALIGNED TO ECONOMIC GROWTH, SAYS PRESIDENT

CAPE TOWN, President Cyril Ramaphosa says the South African government's planned land reform policy will be implemented in such a manner that it will bolster economic growth and create jobs without negatively impacting on agricultural productivity.

The President said this when he responded to oral questions in the National Assembly on Tuesday. Opposition leader Mmusi Maimane, who leads the Democratic Alliance (DA), had asked for the details of the assurances that the recently appointed special economic envoys will give to potential investors that South Africa can meet its National Development Plan targets despite its plan to expropriate land without compensation.

President Ramaphosa said for South Africa to grow faster and to build a transformed and inclusive economy, land reform was necessary and urgent. Government would advance the three elements of land reform -- redistribution, restitution and security of tenure -- through inclusive dialogue.

We will explain to potential investors that land reform is not incompatible with agricultural productivity and economic development, as the historical experience of some East Asian economies, such as South Korea, demonstrates," he added.

Land reform, which will include the mechanism of expropriation without compensation, will be implemented in a way that contributes to a stronger economy, job creation and economic freedom. We will do so without jeopardising economic development, agricultural production or food security."

The President also said that South Africa's investment law provides significant guarantees to domestic and foreign investors.

During the South Africa delegation's engagements at the World Economic Forum meeting in Davos, during investor road shows tp the United States and Britain and most recently during recent roundtable discussions in London, the government had found that foreign investors appreciate the need for South Africans to find sustainable solutions to the inequitable distribution of land and wealth.

In their investment decisions, investors take a long term view on the market opportunities, sector policy and support and regulatory environment, he said.

Source: NAM NEWS NETWORK