Zimbabwe

EU envoy hails change in Zim’s indigenisation law

2014-06-02 11:59

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Cape Town – Zimbabwe's proposed plan to review its indigenisation and economic policy could speed up the normalisation of Zimbabwe-European Union relations, an envoy has reportedly said.

According to The Herald, EU ambassador to Zimbabwe Aldo Dell'Ariccia indicated the European Union could lift all sanctions on Zimbabwe when they meet later this year.

An AFP report said last week that Zimbabwe's cabinet had ordered that the controversial black empowerment law - which forces foreign companies to cede a 51% shareholding to local investors - be amended.

"Cabinet has said the law should be aligned with the constitution and we will soon be making the necessary adjustments," Indigenisation Minister Francis Nhema was quoted as saying.

Economic troubles

Finance Minister Patrick Chinamasa recently told parliament that cabinet had decided that the law be changed to make it clearer and friendlier to investors.

Dell'Ariccia hailed the move as constructive.

Recent reports have indicated that President Robert Mugabe was softening his tone on the indigenisation law amid renewed economic troubles.

During the opening of the country’s main trade fair in April, Mugabe tried to assure foreign investors that his indigenisation policy was not about asset seizure.

His remarks were the strongest signal yet that the hard-line leader was softening an earlier vow to pursue the controversial indigenisation policy with "renewed vigour".

Read more on:    eu  |  patrick chinamasa  |  zimbabwe  |  southern africa
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