aga&h&l. In the United States, section 5060 of the Anti-m Act of 1986 bans new investment, contribution of funds and loans or other arttension of credit, but doue not cover reinvestment of profits. Similarly, the Governments of Australia, Austria, Ireland, Luxembourg, France and Spain have enacted laws banning new investments in South Africa. However, the restrictions on the flow 0; direct foreign inveetment to South Africa through legislative measures do noL imply outright disinvestment, although they have serious implications for South Africa’s future economic growth. Side by side with such limitations of the restrictions on new investment imposed through legislative enactments, disinvertment actions by ‘IXCc have in many cases been followed by licensing or other forms of surreptitious contractual agreements with their former subsidiaries that allow for the transfer of technology, which is so vital to South African industries. Some of the issuee relating to licensing and non-equity participation by ‘l?JCs are discussed in the subsequent paragraphs. 18. Investment withdrawals take several forms, but for present purposes they can be broadly distinguished into three cetegoriee: first, total shut-down of operations, including sales end representative offices and subsidiaries; secondly. reduction of direct investment, i.e. partial sales and dilution; thirdly-,-sale of an ongoing operation to-third party, local msnagement end trust. Licensing agreements have been wed in all theee modes of withdrawal and constitute key components of all except the first option. The three methods of investment withdrawal are briefly examIm.iP below with reference to particular instances of disinvestment in order to ascertein to what emteat economic links with South Africa ere continuing through other arrangements by the departing companies. . 1. e saleaand_raDraeentativa 19. Since 1984, 32 TM3 have employed this method of withdrawal, which constitutes 9 per cent of the total disinvestment identified from available 
**Analysis**
This text appears to be discussing the economic implications of disinvestment in South Africa, particularly the restrictions on foreign investment and the methods used by companies to withdraw their investments. The text mentions specific industries, such as technology, and refers to economic growth, profits, and licensing agreements. These indicators suggest that the text is primarily focused on economic issues.

**Category**
International trade, Industry