News24

Indigenisation will continue: Zanu-PF

2011-12-09 22:39

Bulawayo - Zimbabwean President Robert Mugabe's party on Friday vowed to press ahead with a controversial "indigenisation" policy forcing foreign firms to cede a majority stake to locals.

"Zimbabwe cannot achieve any real and sustainable democracy for as long as its natural resources remain in the hands of foreigners and serve foreign interests and economies," said a document handed to about 3 000 delegates at a Zanu-PF conference.

A large number of foreign firms missed the September 25 deadline to submit proposals to the government on how they plan to release their shares by 2015.

The document said: "Zanu-PF indigenisation policy is a legitimate affirmative action measure to benefit indigenous citizens disadvantaged by unfair discrimination on the grounds of race and denied participation and benefit in their economy."

Mugabe's partner in the unity government, Prime Minister Morgan Tsvangirai, has warned that the law would discourage investment.

But the document entitled "Understanding the Indigenisation and Economic Empowerment Programme" argues that the law is meant help Zimbabweans "control and determine the exploitation of their resources."

In his opening address on Thursday, Mugabe who is a staunch supporter of the regulation, said the indigenisation policy would not be reversed.

The law targets companies valued at €369 000 or more, particularly mining and financial firms.

A few companies, including British owned Old Mutual and giant mining firm ZimPlat, have struck deals with the state on how to distribute the shares.

Comments
  • Geronimo - 2011-12-09 22:45

    No surprise here, more racist and xenophobic mumbo-jumbo from the senile dictator.

      Spyker - 2011-12-10 17:58

      We should be even MORE concerned that the companies in question. The ANC has openly pledged it support for Zanu-PF - ie SA is next for such policies. http://www.citypress.co.za/Politics/News/Mantashe-and-Mugabe-at-Zanu-PF-conference-20111209# PS: €369 000..? Can that be correct, or are companies in Zim now so worthless, it is worth less than a decent sports car..?

  • Chaapo - 2011-12-10 03:55

    You mean into the pockets of the Mwandiwanziras, Kasukuweres and Chiyangwas etc? It is certainly not benefitting the majority of ordinary Zimbabweans if you do not have the ZANU PF connections.

  • goyougoodthing - 2011-12-10 06:47

    It's called theft. But then any international companies that want to trade with the devil deserve what they get. If it's profit over people then stuff them, Nandos included.

      Pierre - 2011-12-10 08:28

      Yep Mr Mugabe is still the darling of the Western World. Perhaps a discovery of some oil will see him removed by NATO

  • Cheryl - 2011-12-10 09:57

    Yes Mugabe, you are wanting to prevent foreigners from exploiting Zimbabwe it appears. But then why do you steal all the money (secret Swiss bank accounts)and not share it with all the people .........YOU LYING CHEATING EVIL SELFISH GREEDY NAZI.

  • Jakes - 2011-12-10 19:25

    Fortunately Mugabe and his insane comrades WILL die one day. What a sweet certainty!

  • Irene - 2011-12-10 20:24

    Wish NATO would go in there and bomb this old swine along with Zanu PF into oblivion.

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