The Emergence of a New Approach to Investment Protection in South Africa
The Emergence of a New Approach to Investment Protection in South Africa
Having undertaken a review of its bilateral investment treaties (BITs) and their impact on domestic policy space, the South African Government has begun terminating these treaties and has indicated that it will refrain from entering into BITs in the future, except where there are compelling economic reasons to do so. In their place the Government is developing legislation that will offer certain BIT-type protections to foreign and local investors, but will also ensure that the Government’s capacity to regulate in the public interest is adequately safeguarded. As this chapter shows, however, the standard of investment protection likely to be found in this legislation falls some way short of that found in customary international law and in those BITs that the Government is currently in the process of terminating.
Keywords: South Africa, bilateral investment treaties, BITs, investment protection: customary international law
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