July 27, 2012
From Creamer Media in Johannesburg, I’m Motshabi Hoaeane
South Africa ’s new investment policy will forge mineral and industrialisation links.
Egyptian President Mohamed Mursi meets Hamas’ leader.
And, South Africa is three years away from a power system collapse.
Trade and Industry Minister Dr Rob Davies has revealed that South Africa is crafting a “new generation” investment policy framework. It will be underscored by the developmental needs of the country, especially the expansion of the country’s embattled productive sectors. A conscious effort will also be made to foster a direct link between an investor’s access to South Africa’s mineral resources and government’s ambition to support re-industrialisation.
Speaking at the launch of the United Nations Conference on Trade and Development’s ‘Investment Policy Framework for Sustainable Development’ held at the University of the Witwatersrand, Davies said South Africa would refrain from entering into new bilateral investment treaties (or BITs) until the new framework had been finalised. However, it would conclude BITs in cases of “compelling economic and political circumstances”.
A review of investment agreements signed since 1994 found the relationship between the agreements and foreign direct investment (FDI) to be “ambiguous at best”. It also found that some of the agreements posed risks, by limiting the ability of government to pursue its transformation agenda.
Gaza Islamist leader Ismail Haniyeh yesterday met Egyptian President Mohamed Mursi in an official visit. The visit signalled a big shift in Cairo's stance toward the Hamas movement after the election of a Muslim Brotherhood head of state in Egypt.
A Palestinian official said the head of Egyptian intelligence had promised measures to increase the flow of fuel supplied by Qatar to Gaza through Egypt. The official added that the Palestinian territory's power shortages needed to be eased.
However there was no immediate sign that Cairo was ready to open up its border with Gaza to the extent sought by Hamas. Analysts partly attribute this to the influence still wielded by the Hosni Mubarak-era security establishment.
Deon Louw, deputy director of electro-technical services in Overstrand municipality, in the Western Cape, told MPs that South Africans should expect more power cuts. He said that the distribution grid would gradually collapse from 2015 unless a maintenance backlog is addressed.
Louw said the lifespan of the distribution network was 50 years, and that the various components of South Africa's distribution links have an average age of 47 years.
He further added that power failures were often wrongly blamed on Eskom's generation capacity, when in fact the fault lay with ageing distribution infrastructure.
Also making headlines:
Sudan and South Sudan resume oil talks for the first time since border fighting.
Madagascar rivals fail to agree on the country’s former leader's return from exile.
And, former crime intelligence boss Richard Mdluli, has been linked to NPA prosecutor Glynnis Breytenbach's suspension.
That’s a roundup of news making headlines today.