Customs

Promotion and Protection of Investment Bill – Comment due

The Department of Trade and Industry (the dti) in a Government Gazette dated 01 November 2013 extended an invitation for public comment on the Promotion and Protection of Investment Bill, 2013 which is due by 01 February 2014. The Bill serves to provide for the legislative protection of investors and the protection and promotion of investment and to achieve a balance of rights and obligations that apply to all investors, and to provide for matters connect therewith. The Bill consist of thirteen (13) sections, namely (1) Definitions, (2) Interpretation of Act, (3) Purpose of Act, (4) Application of Act, (5) Protection of Investment, (6) National treatment, (7) Security of investment, (8) Principles relating to expropriation, (9) Transfer of funds, (10) Sovereign right to regulate public interest, (11) Dispute resolution, (12) Anti-avoidance, and (13) Short title and commencement. The Act is to be called the Promotion and Protection of Investment Act, 2013, and will come into operation of a date fixed by the President by proclamation in the Government Gazette.

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