Harare - Zimbabwe's Justice Minister Patrick Chinamasa has
castigated FDI deals that are not directed into value adding sectors singling
out the Meikles/Pick n Pay deal in particular.
Speaking at the opening of a two-day Economic Empowerment
Conference 2012 on Wednesday, Chinamasa said there was no need to applaud
foreign direct investment (FDI) in the retail sector as there was no value add
to the sector and as such the sector should be legally reserved for local
players.
Referring to the Pick n Pay Stores [JSE:PIK] deal, the
minister said, “99% of the retailer’s merchandise is South African imports so
the company is implementing South African export policy”.
He said some sectors of the economy such as ginning,
distribution and fuel importation should be reserved for the locals, adding FDI
should address priority areas for mutual benefit.
Pick n Pay this year opened its first supermarket in
Kamfinsa‚ Zimbabwe.
The supermarket‚ the first Pick n Pay-branded store to open
in Zimbabwe since it took control of 49% of TM Supermarkets‚ is situated in the
Kamfinsa shopping centre in eastern Harare.
The store comprises a Pick n Pay Supermarket‚ as well as
stand-alone Pick n Pay Liquor and Clothing stores.
A number of Pick n
Pay branches are planned to be opened this year‚ many of them at sites where TM
Supermarkets have been operating.
- Fin24
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