The Sunday World reports that South African government has mooted a Local Economic Developments and Transformation bill to limit foreign business ownership in Free State.
Free State small business development, tourism and enviromental affairs MEC Makalo Mohale said the bill which is in the public consultation phase aims to promote inclusive economic growth.
If the bill passes into law, local municipalities will be required to maintain ownership quotas of not more than 20% of foreign ownership. The big retailer will be required to have 30% quota of locally produced goods on their shelves.
The bill also lists 28 economic activities reserved exclusively for people with permanent residency status.
The targeted business include bars, nightclubs, tshisanyamas, cellphone repair shops, courier service, salons tuckshop, workshops for panel beaters and mechanics, brick manufactures.
Please read the full story on today’s Sunday World May 22 2022
