Mugabe explains indigenisation policy | Fin24
  • Data Market Inquiry

    MTN says it is prepared to defend itself before Competition Tribunal over report.

  • Claims of sabotage

    What we know so far about allegations of sabotage at an Eskom power station.

  • Dudu Myeni

    Court dismisses former SAA chiar's bid to have Outa withdraw from delinquency case.


Mugabe explains indigenisation policy

Jan 29 2015 09:15
Robert Mugabe

Zimbabwe's President Robert Mugabe (Tsvangirayi Mukwazhi, AP)

Harare - Zimbabwe President Robert Mugabe on Wednesday told a visiting French delegation that his controversial indigenisation policy "only relates to resource-based operations," the ZBC broadcaster said.

The law, which came into effect in 2010, obliges foreign and white-owned businesses with a net worth of more than US500 000 to hand over 51% of their shares to local black businesspeople.

Shops and businesses currently have to produce indigenisation compliance certificates before they are licensed to operate each year.

"The [French] delegation held a meeting with President Robert Mugabe at State House in Harare and applauded him for fully explaining that the policy only relates to resource-based operations," the broadcaster said on its website.

Finance Minister Patrick Chinamasa said the clarification would attract more foreign investment.

Mugabe left Harare later on Wednesday for an AU summit in Addis Ababa, where he is expected to be appointed the continental bloc's new chair.



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote