#mugabe changes indigenisation policy

via Eyewitness News: Mugabe changes indigenisation policy 19 April 2014

President Robert Mugabe has announced a significant shift in his controversial indigenisation policy.

In a speech to mark Zimbabwe’s 34th anniversary of independence the 90-year-old president revealed only foreign companies that exploit raw materials from inside Zimbabwe will be obliged to hand over 51 percent of their shares to local businesspeople.

This announcement does appear to be a significant toning down of ZANU-PF’s indigenisation policy and that’s something that will be welcomed by Zimbabwe’s anxious foreign business community.

Mugabe told crowds gathered at Harare’s National Sports Stadium yesterday that there had been confusion over the policy.

He said that the 51 percent share handover obligation only applied to big companies that were exploiting Zimbabwe’s natural resources in the mining, agriculture and manufacturing sectors.

The president said if a company was using raw materials from outside Zimbabwe, it wasn’t right to force them to hand over a majority of their shares.

The indigenisation policy states that all foreign or white-owned firms worth over five million rand have to hand over a majority share holding to black Zimbabweans, but critics including the opposition Movement for Democratic Change (MDC), say it scares away foreign investment.

COMMENTS

WORDPRESS: 35
  • comment-avatar
    Jono Austin 8 years ago

    ‘confusion over the policy’ Yeah right. I wonder what motivated the change?

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    roving ambassador. 8 years ago

    Change of policy, This is Zanu, lawless ,uncouth, pillagers, potters, trust them at your peril..
    The leopard cannot change its skin.

    Thieves.

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    Tjingababili 8 years ago

    LEGALISED THEFT!

  • comment-avatar
    Jenandebvu 8 years ago

    Because resource to still are fast flowing out of the country

  • comment-avatar

    A bunch of shameless and unrepentent looters under the guise of sovereignty

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    Clemency Sibanda 8 years ago

    This is a welcomed statement,but the investors will only celebrate after the actment of intended policy, otherwise it will viewed like the rest of political gimmicks.

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    John Thomas 8 years ago

    He has been too stupid to see the predicable outcome of his stupidity. This will not be his last climbdown. All the roads lead downwards for Mugabe now.

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    He will change it again once they see another chance to take something.

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    Senzachena 8 years ago

    Trust his drivel at your peril, nobody with half a brain would invest a cent in Zimbabwe until things change. Never trust what the geriatric idiot says, firstly he no longer calls the real shots and secondly he will change his mind overnight. He is only making these concilatory because there is sudden realisation that they are/have run out of money and options. Zanu trash

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    Little Dorrit 8 years ago

    “natural resources” ; “exploitation”? Signal left turn right? ????

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    Senzachena 8 years ago

    Soory should read “concilatory noises”

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    Its called desperation! Ty have painted themselves into a corner. They have dug for themselves a very deep and dark pit. They will fall into t. Eternity in a very looooooooong time!

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    Chara 8 years ago

    You are confused, so why did you let Kasukuwere fight with Biti over indeginisation of banks. Makalooter mukapedza.

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    Nyoni 8 years ago

    Mugabe are you senile again. Or are you on ice. Your brain has suddenly got a burst of life . Whats next clown.

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    shady 8 years ago

    Hi!

    I am not a good fun of Mugabe, but this approuch is the best and i hope, all Affrican countries should follow suit.I think is all his cards to try and find what could be best for the zimbabwean.remmeber guys one can have voice is you have ownership.besides that we could still fall under collonial rot.

    Freedom goes together with ownership. People in zim are suffuring but generation to came will be free.

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      Parangeta 8 years ago

      Write English, what the hell are you saying.
      M’Garbage’s approach is the best you say,
      you must be an ostrich, head in the sand!

      The best for Zimbabweans you say, are you mad?
      He’s the worst thing to happen to Zimbabwe!!!!!!

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      Shady, please use your spell checker and then use your brain as you seem to be in cloud cuckoo land.

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    shady 8 years ago

    Hi!

    Something defferent! maybe you guyscan assist.

    I am Zimean who have lived abroad for 29 years and planning to move back to invest on commecial farming. Can anyone advice me on how to lease a farm.

    • comment-avatar
      John Thomas 8 years ago

      Ha ha

    • comment-avatar
      Doris 8 years ago

      Buy mine. You can even have the title deeds. You might however have a spot of bother with the present squatter. I believe she has something to do with the Senate and occupies my house at weekends. Think she may also be wearing my clothes and using my toothbrush! Good luck!

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      DubboZimbo 8 years ago

      My advice, go farming in Zambia. There is rule of law there and you get to harvest what you sow. There is also diesel, tractor spares and herbicide, pretty useful if you are a farmer.

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      Shady, 🙂 🙂 Just realized, you’re taking the mickey.

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    Tongoona 8 years ago

    Mugabe needs to climb down on more important issues like Land Resettlement program which killed agriculture and left us to import all our food. Though Indigenization is good it does not work in an economy virtually dead. Cde President, please revise your thinking on indigenization. Remember, a hungry man is an angry man. Land resettlement is an apolitical subject.

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    Kill bob guys that’s the way out

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    Godfrey C 8 years ago

    The problem is not what Mugabe says but what he does. He allows people who keep in power to flout the rules at any time they wish so really nothing has changed here.

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    moyokumusha 8 years ago

    @ Shady. All you have to do is talk the talk and drink with the right guys and you can have a farm of your choice. Best to look for one that still has a white owner. Then you must go and drink lots with the local police and hey presto it is easy. Farm and protection zim style.

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    moyokumusha 8 years ago

    On the subject, it is a change but who can trust these guys. This statement, like anything else, can be changed when it suits Bob and his crooks. This is not going to bring in any investment and things will not be changing soon.

    What next, sorry white farmers please come back and we will respect our constitution, laws and title to land. Chihuri will be fired and the police will do there jobs and citizens can feel like citizens again. Then we will be talking.

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    Mixed Race 8 years ago

    Well I have developed an attitude of not trusting whatever a person says unless its in writing.Fools will trust simple statements from any body and then throw away their life savings-not with me anymore.

    • comment-avatar
      Jono Austin 8 years ago

      I wouldn’t trust anything that Mugabe puts in writing-eg the Constitution

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    Mapingu 8 years ago

    Ahaa; well said Mr President! But the question is: ‘When did this so-called policy confusion became apparent to the wise President? Or when did the Zim people started getting confused with regard to the Zanu pf policy? I guess just a few days before our Independence Day; isn’t it? So instead of using this sacred day to honour own departed heroes and reiterate the nation’s successes and/or failures it became imperative upon the dear President to clarify issues around a policy that has been around for the past donkey years! Viva Cde president! No doubt the attendees left the National heroes Acre they entered the Heroes acre. Viva Gushungo. Long live!

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    Reverend 8 years ago

    Take note all he is ok with everything except mining and minerals which are easy to get out under cover and high value.
    Once a crook always a crook!

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    munzwa 8 years ago

    The whole zanu lot can not be trusted, the geriatric had to fill his speech with something….

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    Petal 8 years ago

    A LEOPARD NEVER CHANGES ITS SPOTS THE ONLY THING THAT CHANGES COLOUR IS A CHAMELOEN!!

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    maita 8 years ago

    Mbavha imbavha chero ikakudzorera TV yako yayaba inodzoka yoba motokari. Idzi imbavha dzave beyond rehabilitation so nobody will trust a Zanupf government because even Mugabe wacho does not respect his own signature.

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    If the policies of indigenisation is not clarified soon,Current importers of raw materials are facing a difficult task as credit limit is being slashed to zero by overseas suppliers.Due to wrong signals by the policies.

    Concerned importer .