Fin24

Zim equity: new investors may be exempt

2012-09-20 09:48

Harare - Zimbabwean Indigenisation Minister Saviour Kasukuwere has said that there are 144 pieces of legislation in the country that undermine the empowerment process.

Speaking at the National Indigenisation and Economic Empowerment Board consultative meeting, Kasukuwere said it was necessary to review legislation to harmonise it with the indigenisation law.
 
The ministry of economic planning, headed by minister Tapiwa Mashakada, is in the process of drafting amendments to the Zimbabwe Investment Authority Act, which will include a clause that will exempt new foreign investors from indigenisation.
 
Kasukuwere said he was currently in discussion with Mashakada over the issue.  
 
He said that the empowerment policy was clear but the Global Political Agreement had its own challenges, adding there was a need for the ministry to redouble its efforts and “dig deeper and bite more”.
 
Kasukuwere said indigenisation was not an event but a process, which the government had given a five-year timeframe.

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Comments
  • derrickvanz - 2012-09-20 12:19

    Just another way of taking investors cash. Once investors have invested, Zim changes the laws in the courts they rule over. An perfect example is Implats. Angola did the same. Mugabe is not that incompetent he is just greedy at the expense of millions of his fellow countrymen. PS someone is deleting all posts and comments on this story. Can admin please check this.

  • derrickvanz - 2012-09-20 12:47

    Roping in blind investors with false promises. Poor Mugabe, shame he probably needs cash to pay for his childrens schooling and other (known) treatments in Hong Kong. His time has come. The people have spoken.

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