Cape Town - Investors need not fear that their investments and assets will be taken away from them during land expropriation without compensation as this measure will be undertaken in a way that does not undermine the principles of South Africa’s Constitution, President Cyril Ramaphosa said on Tuesday.
“Investors need not fear that their investments and assets will be taken away from them. This measure will be undertaken in a way that promotes economic development and agricultural output and that does not undermine the principles of our constitution or the rule of law,” he said.
Speaking at the Investing in African Mining Indaba at the International Conference Centre Cape Town, Ramaphosa said the government had used the opportunity to outline to investors its approach to land reform, which had raised concern about the proposal for the expropriation without compensation.
“We must emphasise that our approach will enhance, rather than undermine, property rights as we seek to address what we have termed the original sin which was committed against black South Africans during colonial and apartheid days.
"The measure we are proposing will apply to land for the purposes of land reform only and within a clearly defined set of circumstances,” the president said.
He has acknowledged mining companies that have indicated to the government that they are willing to give away their land for housing to local government or for farming to various communities.
“We must applaud those mining companies that own surplus land they do not use and have indicated to us that they are willing to give away their land for housing to local government or for farming to various communities.
"This is what good corporate citizenship is about, where companies are constructively involved in addressing a pressing social need,” Ramaphosa said.