Zimbabwe Presses On With Local Ownership Law-Minister

source: Mmegi

Zimbabwe is pressing ahead with plans to transfer control of foreign firms to local ownership despite objections that the policy would hurt the country’s economic recovery, a minister said on Friday.

President Robert Mugabe’s government in 2007 passed an indigenisation and economic empowerment law, before he formed a power-sharing administration with rival Morgan Tsvangirai last year, seeking to localise control of foreign firms.

Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere earlier this month directed all firms to provide details of their indigenisation plans, starting March 1, in a move that has split the unity government.

Tsvangirai, now prime minister, said the directive was “null and void” as it was done without consultations in [continue reading]

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