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President Jacob Zuma has responded to his budget speech in the National Assembly.
The President tabled his budget vote in parliament on Wednesday - outlining key priority areas including continued improvement of the public service and partnerships with key stakeholders.
In his response to the Budget debate on Thursday, Zuma said government proposed to convert current foreign ownership into long term leases after the land audit has been finalised.
He added that to give effect to this proposal, the Department of Rural Development and Land Reform was currently drafting the regulation of the land holdings bill which seeks to regulate land ownership by foreigners.
"The green paper on land reform sets out a new land tenier system namely a four tier system of which foreign land ownership is the third tier, in this regard government proposes no ownership of land by foreign national as a principal."
