Govt urged to review how proposed bills will affect economy
SA’s business community says govt won’t restore investor confidence unless proposed regulations are reviewed.
JOHANNESBURG - South Africa's business community has warned government that it will not restore investor confidence in the country unless it reviews how proposed regulations will affect the economy.
The South African Chamber of Commerce and Industry, Black Business Council, the Tourism Business Council, and the Small Business Project yesterday called for the proper implementation of regulatory impact assessments.
It says these are necessary before proposed bills are published for public comment, to avoid what it says were disastrous consequences similar to the new visa regulations.
Tourism Business Council chair Mavuso Msimang says the new visa regulations represent the worst possible outcome of passing laws without considering the impact it would have on business.
"Other sectors were struggling. Here was an industry that really was doing something for the economy being sabotaged."
Black Business Council CEO Mohale Ralebitso says certainty is needed from the state and President Jacob Zuma.
"We need certainty and predictability now more than ever. Let's ensure that we know what we're getting into. The stakes are just too high."
The business representatives say the regulatory impact assessments are particularly urgent on the private security, expropriation and mining bills.