Robhare

Helen Zille covers Brenda Fassie's 'Vulindlela'.

‘Very Difficult for Corporations to Surrender 30% Ownership’—US Ambassador Criticizes South Africa's 30% Black Ownership Rule Saying It's Blocking Billions in Investment US Ambassador to South Africa L. Brent Bozell III has said the United States wants to invest billions in the country but faces a major hurdle with policies requiring businesses to surrender 30% ownership to black South Africans. He raised the issue when he was speaking to journalists in Pretoria while acknowledging the nation's history of inequality. Bozell spoke at a business event in Hermanus. He stated that the United States is ready to pour money into investments, with both the private sector and government involved. "It's very difficult for...a major corporation to come here and be told it has to surrender 30% of its ownership, or some such thing," he said. He added that corporations have a moral duty to invest in South Africa's future beyond capital. In response to a journalist's question about respecting South Africa's sovereignty and laws, Bozell replied that the United States does not question South Africa's right to set its own policies. However, he noted that America will speak up when policies affect its national interests or security concerns. Bozell stressed that the primary issue is respect for private property rights. He recognized South Africa's emergence from an unequal system but maintained that forced ownership transfers create barriers to large-scale investment from US companies. The comments highlight ongoing tensions in bilateral relations.