Zim govt shuns UK investors

2010-11-24 20:33

Harare - Planned investments by British businesses in Zimbabwe will be treated "very negatively", the minister in charge of plans to enforce black ownership of companies operating in the country said on Wednesday.

"I personally will view any investment from the British very negatively," Indigenisation Minister Saviour Kasukuwere told a business forum.

"The same would apply to companies from those countries with negative interests or attitudes against Zimbabwe," he added.

Kasukuwere said targeted sanctions imposed by Britain and other Western governments on President Robert Mugabe and around 200 members of his inner circle in 2002 had made it almost impossible to do business in Zimbabwe.

Western governments hold a different view.

They say that Mugabe's populist policies are to blame for the slow strangulation of the economy between 2000 and 2008.

Kasukuwere's remarks are seen as a sign that the country's power-sharing government intends pressing ahead with the laws requiring foreign- and white-owned firms to transfer a majority stake in their companies to black Zimbabweans.

The introduction of the nationalist laws earlier this year spooked foreign investors and put the brakes on the fragile recovery begun when Mugabe agreed to share power with former opposition leader Morgan Tsvangirai after violent elections in 2008.

Britain's ambassador to Harare Mark Canning said Kasukuwere's remarks smacked of crude populism and would further alienate investors.

Tsvangirai told an investor conference in South Africa in September that the government would lower the black Zimbabwean ownership quota for capital-intensive businesses, such as mining.

He also assured there would be no expropriations, answering fears that businesses could be taken over by force, as happened with thousands of white-owned farms.

Kasukuwere also said there would be no "grabs", but insisted the new ownership laws would be enforced.

"Whether you like it or not, nothing will stop this process (indigenisation) from going forward," he said.

  • Optimus Primate - 2010-11-24 20:58

    Ok, fair enough ... one does wonder, though, if anyone from the UK would be daft enough to "invest" with a Bob-regime still in place ...

  • Simon - 2010-11-24 21:08

    I think the phrase "Don't look a gift horse in the mouth" should have originated from Zimbabwe.

  • anglophilus - 2010-11-24 22:45

    Bizarre. More like sour grapes because the British are not queueing to invest. From what I've heard, the elite in Zim have a love-hate relationship with Britain. They go to schools named Churchill, St Georges, etc; their leafy suburbs have Anglo names; they like to dress in fancy English togs; they admire British educational characteristics; and like any child they yell at mom and dad when they can't get their way. Ugh.

  • Nasdaq7 - 2010-11-25 04:07

    It will take centuries for Zimbabwe to recover on its own efforts. Decades with the help of international capitalists.

  • Brian E Jefferys - 2010-11-25 07:07

    Whats the bet it's bobs mates that will be the main benificiaries.

  • Ukadebona - 2010-11-25 07:51

    That's nice. Thank you Bob.Teach the bloody agents ..they are not what they think they are.

  • Just - 2010-11-25 08:15

    I think the school names like Churchill and St Georges are there because the British colonised Zimbabwe and other African countries and not because Zimbabweans aspire to be like the British.

  • Zimbo - 2010-11-25 09:04

    People should see the Zanu-pf idiots for who they are and not generalize it across every Zimbabwean. These thugs running the country are mere criminals and every policy they make benefits them and a few of their daft supporters. The elite are just using the British as smoke screens to hide their corruption and blame it on sanctions. If you walk in the streets of Zim you see piles of rubbish, inept service delivery and plain corruption and laziness in govt sectors I wonder how the west and the British have contributed to that. Our govt can't fool us we are way too smart for that kind of propaganda so they meet us with violence and intimidation to force us out of Zim. I am a black Zimbabwean and all I see is a lazy, inefficient, self-serving, inept, myopic, immoral and thieving govt that has led to nothing but a wave of destruction and tarnishing the image of every Zimbabwean in the process.

  • dewet - 2010-11-25 11:52

    @Zimbo Refreshing to hear from an african Zimbabwean. What is your perspective on SA and the road forward and what should be done to avoid a similar situation or moving in a similar direction? I'm not saying it's going to happen, but if you could turn back time, what would have been the solution? @Optimus Primate "if anyone from the UK would be daft enough to "invest" with a Bob-regime still in place" High risk, high return. Like gambling. Those seeking high return will go for high risk. There will probably be some bribery/corruption involved in some of the deals also

  • @ Ukadebona - 2010-11-25 16:42

    Hi Ukadebona please explain to me why the British are agents? Here is a definition for you... Agent may refer to one who acts for, or in the place of, another, by authority from him; one entrusted with the business of another. "Teach the bloody agents ..they are not what they think they are." I think you alluding to bob because he thinks he is the bees knees - he is just a senile old greedy fart - you are blind if you cannot see that. You need to travel my friend because no one outside of Africa really cares all that much about Zim – it’s a lost cause as long as bob is there.

  • James - 2010-11-25 17:07

    I was in Harare recently and asked a group of young and middle aged Zimbabweans whether they knew that Zimbabwe used to: 1. Feed themselves and export maize to the rest of Africa 2. Assemble motorcars 3. Make refrigerators and deep freezes 4. Make car radios and stereos The answer was that they were not. What they did know was that Mugabe and the ruling party have destroyed the country and that Mbeki and Zuma are definitely not their friends.

  • Gavin - 2010-12-06 17:32

    RSA in 20 years time?

  • blacksoul - 2010-12-22 13:00

    @gavin move to australia then

  • pages:
  • 1