Adopts a new Investment Act
03 Jun 2021
The Investment Act, which was published on 3 June 2021 as Act 5 of 2021, replaces the Foreign Investment Act of 1999. The new Act introduces a broader range of treatment and protection guarantees for foreign investors and removes the requirement to apply for a Foreign Investor Registration Certificate. It also imposes the same reporting obligations on foreign and local investors.
The Act still allows the Government to issue a list of activities reserved for domestic businesses or in which foreign investment is only allowed subject to minimum investment requirements or ownership ceilings. It also allows the Government to restrict investment in critical infrastructure such as energy, transport, communications, data storage or financial infrastructure or access to sensitive information or the ability to control sensitive information.
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Type:
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Entry and establishment (Approval and admission)
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Treatment and operation (Non-discrimination, Nationalizations and expropriations, Capital transfer and FOREX)
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Industry:
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