via Govt to ‘clarify’ indigenisation law October 30, 2014
FINANCE minister Patrick Chinamasa says government will clarify the indigenisation legislation to lure foreign investors needed to rebuild the economy.
Foreign investors continue to give Zimbabwe a wide berth with analysts blaming the policy, which stipulates that locals should have at least 51% in all foreign-owned companies operating in Zimbabwe, as deterrent to attracting investors.
Chinamasa said on Tuesday while receiving a delegation from the United Kingdom that a conducive environment should be created so that investors could come and invest in the country.
“There is no investor who can come to an environment where their investments are not secure. The clarification [of the indigenisation law] is important. As far as the clarification of the indigenisation law, the investors are not saying change your law, but what they are saying is: ‘Make it clear that there should be predictability and transparency’. They are not saying change your laws to suit us,” he said.
Chinamasa said the government was working on bottlenecks to investing such as delays in the approval of investment proposals.
“We are now identifying the bottlenecks and we should be able to address them. One was brought to our attention by IDC where it took 176 days to open an investment,” he said.
The Indigenisation Act was passed into law in 2008.
The UK trade delegation, the first visit in close to 20 years, will explore opportunities in Zimbabwe. The delegation was led by Alex Lambeth of British Expertise and had Ecorys UK’s Berry Sheils, Derek Landman from Turner & Townsend, Simon Gillet (Roughton International) and Gerard McDonald from WYG International.
Chinamasa said the visit was a step towards normalisation of relations with Zimbabwe, saying it was not an event, but a process.
British ambassador to Zimbabwe Catriona Laing said the British delegation had come into the country to understand the realities of doing business in Zimbabwe.
“The promised clarification of indigenisation policy is welcome, which, if handled well, could have a major impact. The government must also show observers that rule of law is paramount, underlining this message as much in political rhetoric as in the conduct of its institutions,” Laing said.
COMMENTS
Oh now we know why foreign investors shun the country. It’s those darn bottlenecks that inhibit their ability to loose their money! Surely they will come if the process is speeded up. I’m sure they are very eager to give their money away.
By the way Mr. Finance Minister, when investors say they seek clarification, that means they seek for you to amend the law to spell out exactly what’s going to happen when they consider investing. It doesn’t mean you cooing about how much they are welcome and how nothing will happen to their money if they come. So long as the law says something else or appears to do so, then they will stay away.
Invest your bucks, your local partner will gracefully seduce you and hijack the business. The skeletons litter the land.
[BEWARE OF THE BEAST,SERPENT AND THE DRAGON]: EVERY ANGLE THEY USE IS A CODE WORD OF DECEPTION ! ZIMBABWE YOU MUST NOT TRUST OUTSIDERS ESPECIALY THOSE WHO TRIED TO ISOLATE YOUR COUNTRY AND TRIED TO DESTROY YOUR ECONOMY BY SANCTIONS AND A MEDIA OF FALSE ASUMPTIONS. YOU SHOULD UNDERSTAND THAT YOUR RETURNING OF THE LAND TO THE PEOPLE WAS IS THE KEY TO THE FINAL REVOLUTION TO LIBERATE SUB-SAHARA AFRICAN LANDS FROM THE WESTERN NATIONS AND THEIR ALLIES AND TO RECOGNISE CHINA AND OTHER ASIAN NATIONS ARE NO BETTER AND SHOULD BE DEALT WITH AS THEIR BREATHERN WITH YOUR INDIGENATION PROGRAM ! THIS OLD CAUCCASIAN-ASIAN WORLD ORDER DIED IN 2001 A.D. WHEN THE ANOUNCEMENT OF THE AFRICAN UNION WAS MADE PUBLIC ! THE AFRICAN UNION IS,(THE AFRICA-AFRICAN NEW WORLD ORDER THAT IS ESTABLISHED ON THE RICHEST REALISTATE ON THE PLANET AND INDOWED WITH AN ABONDENT NATURAL RESOURCES THAT THE DEVELOPED AND DEVELOPING COUNTRIES NEED TO FURTHER THEIR EXISTANCE. SUB-SAHARA AFRICA ARE NOT BEGGERS, THOSE WHO NEED YOUR RESOURCES ARE THE BEGGERS AND SHOULD BE TREATED LIKE BEGGERS ! YOU DO’NT NEED THEIR MONEY WHICH IS A PIECE OF PAPER AND A PROMISESARY NOTE TO PAY ! USE YOUR NATURAL RESOURCES SUCH AS LAND AND HOUSES TO PAY YOUR PEOPLE TO DEVELOPE THE COUNTRY.USE YOUR DIAMONS TO SERVE AS A PAYMENT FOR SERVICES THAT YOUR PEOPLE DO FOR THE COUNTRY SO THAT THEY HAVE REAL VALUE AND NOT A PIECE OF PAPER USED BY OUTSIDERS !DIAMONS AND GOLD SHOULD BE STORED IN YOUR OWN CENTRAL BANK TO FINANCE AND STABLISE YOUR OWN CURRENCY ! SET THE STAGE FOR A NEW AFRICAN ECONOMY USING GOLD,DIAMONS,SILVER,PLATANUM AND OTHER PRESSIOUS MEDLES AS A MEANS TO SUSTANE YOUR CURRENCIES WITH ADDED VALUE ! THAT’S REAL MONEY, THAT’S REAL SECURITY ! STOP LETTING OUTSIDERS DETERMIN WHAT AFRICA IS AND SET YOUR ON STANDERED USING YOUR OWN COLLECTIVE AFRICAN UNION SCEINTEST,ENGINEERS,ARCHITECTURES,ARCHEOLOGIST,MEDICAL PERSONNEL,MASONS,MINERS,ELECTRISIANS,MAHINENEST,TOOLERS AND OTHER PROFFESIONS TO BUILD YOUR ECONOMIES ! CROSS BOARDER REGIONAL TRADE IN ALL FIELDS AND PROFESSIONS SO THAT THERE WILL BE NO NEED TO GO OUTSIDE OF AFRICA FOR WHAT YOU ALREADY HAVE AVAILIABLE IN SUB-SAHARA AFRICA ! USE IT AND LET THE WORLD KNOW,” THAT THE AFRICANS HAVE FINALY AWAKEN AND HAVE TAKEN THE BULL BY THE HORNS TO EMPOWER THEMSELVES AS THE NEW WORLD ORDER” !