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SADC Investment Climate Scorecard Summary

Core Content

The SADC Investment Climate Scorecard is a comprehensive report analyzing the legal and regulatory environment affecting foreign direct investment (FDI) in 15 Southern African Development Community (SADC) member states. It is developed by the World Bank in partnership with the OECD, at the request of the SADC Secretariat, and is based on the OECD's FDI Regulatory Restrictiveness Index (RRI). The report assesses FDI entry and operational restrictions across 22 economic sectors and provides insights into how these barriers affect investment flows and the competitiveness of the region.

Main Findings

FDI Trends and Challenges

• Global FDI flows have stagnated since the 2008 financial crisis and were reduced by 40% in 2020 due to the pandemic.
• FDI rebounded in 2021 but remains low and volatile in the SADC region.
• In 2022, FDI declined by 12%, and the region continues to face challenges due to global shocks such as the pandemic, Russia-Ukraine war, and inflation.
• FDI inflows to the SADC region have not returned to pre-pandemic levels, and the investment gap to achieve Sustainable Development Goals (SDGs) exceeds $4 trillion annually.

FDI Determinants

• Political and macroeconomic stability, the legal and regulatory environment, physical infrastructure, and export competitiveness are key factors influencing FDI.
• Improvements in the legal and regulatory environment are strongly associated with higher FDI inflows.
• Weak legal protection against expropriation, transfer restrictions, and arbitrary regulatory actions can deter investment and lead to investor-State disputes.

Legal and Regulatory Barriers in SADC

• The report identifies 378 specific legal and regulatory measures across the 15 SADC countries, with an average of 25 per country.
• Foreign equity limits are the most common type of restriction, accounting for 47.4% of all measures.
• Other types of measures (e.g., land ownership, capital repatriation) are the second most prevalent, covering 31.2% of all measures.
• Screening and approval of FDI is the third most common category, representing 11.1% of all measures.
• Restrictions on foreign key personnel are the least used, comprising only 10% of all measures.

Sectoral Analysis

• Sector-specific FDI measures are most common in transport, media, financial services, and real estate.
• SADC countries show higher restrictiveness in these sectors compared to OECD and global averages.
• The services sector has the highest number of FDI screening measures (54.8%), while other sectors account for 38.1%, and horizontal measures for 7.1%.
• Key sectors with significant measures include mining, manufacturing, construction, distribution, hotels, and tourism.

Country Performance

• Only four SADC countries have OECD FDI RRI scores below the global average: South Africa (0.034), Angola (0.089), Mauritius (0.09), and Zimbabwe (0.098).
• Lesotho, Mozambique, and Tanzania have scores over three times higher than the global average, indicating significant FDI restrictions.
• South Africa has the lowest number of measures (9) and is the most competitive, while Mozambique has the highest (43) and is the most restrictive.

Policy Recommendations

• SADC member states should improve their investment policy frameworks to align with global trends and their own development goals.
• Key elements of a competitive FDI policy include:
  • An open FDI entry regime.
  • A streamlined and transparent investment facilitation framework.
  • Targeted investment promotion.
  • A predictable regulatory environment for investment.
• Countries must also consider their development stage, socioeconomic context, and interest in reforms when prioritizing changes.

Alignment with AfCFTA

• The report can be used to identify areas for reform to align with the African Continental Free Trade Area (AfCFTA) Services and Investment Protocols.
• The Services Protocol requires liberalization in 5 priority sectors, which are also the ones with the most restrictions in SADC: transport, financial services, and tourism.
• The Investment Protocol may help assess gaps between national repatriation frameworks and regional standards.

Limitations of the Scorecard

• The Scorecard does not cover the de facto implementation of laws and regulations.
• It is not a comprehensive review of the entire legal and regulatory framework but focuses on specific restrictions.
• The prioritization of reforms must be context-specific, taking into account political economy, feasibility, and national interests.

Key Policy Categories and Measures

Recent Reforms in SADC Member States

• Botswana established an Investment Facilitation Centre to streamline services for investors.
• Mauritius launched the Financial Services Commission (FSC) Single Window to improve business processes.
• Zimbabwe amended the Indigenization and Economic Empowerment Act to remove the majority indigenization threshold.
• Namibia removed the requirement for mining companies to be partly owned by black Namibians.
• Madagascar lifted capital transfer restrictions and introduced a declaration requirement for foreign exchange transfers.

Conclusion

The SADC Investment Climate Scorecard provides a detailed assessment of FDI-related legal and regulatory barriers across 15 SADC member states. It highlights the need for continued reform to improve investment climate and attract more FDI, particularly in light of the region's economic challenges and global competition. The report serves as a valuable tool for policymakers to identify gaps and align with international standards, such as the AfCFTA, while emphasizing the importance of context-specific and well-implemented reforms.