Ramaphosa tells investors: Your factories will not be expropriated
President Cyril Ramaphosa has assured foreign investors who own factories and business in South Africa that the process to expropriate land without compensation will not affect them.
The three-day conference is taking place at the Sandton Convention Centre.
The conference is part of government's drive to raise $100 billion worth of investment into the country over the next five years.
"Our approach re-affirms the constitutional protection of property rights. I want to re-affirm that South Africa is very committed to property rights, which among other things prohibits arbitrary deprivation of property, together with robust legislation to protect foreign investment. Our constitution should allay any fears that investors may have their factories being expropriated, that shall not happen, your investment in South Africa is very safe."
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He also assured them that government is cleaning up embattled state-owned enterprises.
"Given the crucial role these enterprises play in our economy as providers of critical infrastructure and bulk services, it is essential that these companies be restored as engines of growth and development in our economy. We have replaced the leadership in several of these SOE's to ensure we have people who have experience, integrity, and the relevant skills to lead the development and implementation of sustainable business models going forward."
Ramaphosa told the 1000 delegates in attendance that urgent measures have been taken to deal with corruption.
"We have also had to confront the bitter reality that several public entities have been severely affected by corruption and this is the story we have been reading in our media and for those who come offshore, you have been reading this as well including the phenomenon of state capture. One of the urgent measures that we have had to take to end this corruption is to make sure those responsible are made accountable for their actions. We have established a commission of inquiry into state capture that has begun a throughout and far-reaching investigation in all these practices."