Maravi

(TALKZIMBABWE) Zimbabwe reviewing indigenisation law: PM Tsvangirai

Zimbabwe reviewing indigenisation law: PM Tsvangirai
Tendai Marufu
Tue, 23 Jun 2009 17:29:00 +00

PRIME Minister Morgan Tsvangirai said Zimbabwe is reviewing its indigenisation law and would likely lower the 51% requirement for local ownership of foreign firms investing in the country.

Speaking at a mining conference in London on Tuesday Prime Minister Tsvangirai said, "We are reviewing mining laws. Fifty-one percent is far, far too high."

He added that the new inclusive Government hopes to agree to a new local ownership level that is "comfortable" for investors, but still beneficial to the mineral-rich nation.

Tsvangirai said he supported the concept of encouraging local businesspeople, but the law also had to be fair to overseas investors.

"There's nothing wrong with indiginisation, for allowing local Zimbabweans ... to participate in the economy of the country," he said.

"What is wrong is to expect someone to bring money into the country and say we will take 51% of that."

Labels: CEE, CEEC, MORGAN TSVANGIRAI, NEOLIBERALISM, PRIVATISATION

posted by MrK @ 5:43 PM