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Zimbabwe may amend indigenisation law

Mugabe

Mugabe

Zimbabwe’s President Robert Mugabe says the country needs to rethink its indigenisation policy.  His comment comes less than two weeks after the March 31 deadline for foreign companies to transfer majority shares to black Zimbabweans.

President Robert Mugabe said in a statement on Tuesday that the indigenisation policy is creating “confusion” and discouraging foreign investment.
 
The law was passed in 2008, and Mugabe says parts of it may now need to be amended.
 
But Harare-based independent economist, John Robertson, says the damage has been done. He says investors are not confused.

“They know that the policies are very, very hostile to their investment plans. So… no confusion,” he said. “The confusion is that the government believes that they can legalise the theft of other people’s shares or other people’s property. The only way they can clarify the problem is to repeal the legislation that is hostile to investors.”

Mugabe said on Tuesday that the law will not be repealed outright.



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