We prefer Chinese: Nhema

via We prefer Chinese: Nhema – DailyNews Live by Ndakaziva Majaka  29 MAY 2014

Zimbabwe will always give  preferential treatment to Chinese investors as they stood by the country during tough times, Indigenisation minister Francis Nhema said.

He, however, said government will enact legislative pieces that restrict and govern the Asians’ investment.

“The Chinese are particularly offered preferential treatment because they were there when things were bad,” Nhema told an Institute of Chartered Accountants Zimbabwe CFO forum this week.

“Government is now trying to enforce legislation to monitor all investors on the ground, but there are relationships that have been acquired, which will always be preserved,” he added.

Zimbabwe adopted a “look east” policy in 2004, after top government officials and State enterprises were slapped with sanctions by the UK, the United States and other Western countries.

The policy has encouraged China and other Asian countries to invest in Zimbabwe, which they have done without much stringent conditions from the southern African nation.

While the country regards China as its key economic ally and “all weather” friend, the Asian nation’s prime minister Li Keqiang recently embarked on an African tour — targeted at strengthening ties with resource-rich nations — but did not come to Zimbabwe.

Nhema also urged investors to approach him with their investment offers if they face hurdles in trying to invest in the country.

“Let investors come to me with their offers and put them on the table. The policy is very flexible and as long as these investors are willing to observe our laws, they are very welcome,” he said.

Investment-starved Zimbabwe is desperately trying to attract Foreign Direct Investment (FDI) and access international lines of credit.

Investors and financiers however, are wary of its policies, particularly the indigenisation law — compelling foreigners to cede majority shareholding to black locals.

But, Zimbabwe shifted stance in the implementation of the empowerment policy with President Robert Mugabe recently ruling out a one-size-fits-all approach, saying only companies utilising the country’s natural resources will be required to immediately turn over majority stakes to indigenous Zimbabweans.

This was a departure from the aggressive and rigid style pushed by former Indigenisation minister Saviour Kasukuwere, who pushed for a blanket 51 percent empowerment threshold despite nature of the sector.

Government is now implementing a sector specific approach.

Nhema added that government sought to protect indigenous Zimbabweans through the law, and not repel FDI in the process.

“We want investment, we need the investment, but sometimes we are caught up in our own fights and fail to see the good in different actions,” said the former Environment minister.

“The way the (indigenisation) policy has been portrayed leaves a sour taste in the mouth, but essentially I am here to clarify… that the country is open to engaging with serious investors,” he said.

 

COMMENTS

WORDPRESS: 15
  • comment-avatar

    Francis Nhema Francis Nhema you have finally become a fully fledged Zanu idiot. What has China done for us? Dumped their poor quality goods in Zimbabwe whilst selling their good quality goods to the USA and the EU at quarter the price it sold them to Zimbabwe. Bought mines in Zimbabwe and beat up their Zimbabwean workers. Almost wiped out the tortoise population in the areas that they are in. Appropriated our diamonds so that ordinary Zimbabweans did not benefit. Flooded the country with weapons that we can not eat. Sold us planes that were grounded in months with no spares support. Sold us bus fleets that lasted for 1 year. I could go on the whole day.

    What could they have done? Gave Zimbabwe the 19 billion without even sweating to try to kick start the economy. I could go on and on again. The are not your friends you silly man. They done monkey chants when Zimbabwean sportsmen were in China. Now the economy goes backwards and they will not lift a finger to help. But then again they are not stupid. Why should they give money to thieves?

  • comment-avatar
    Shamhu YeNhanzva 8 years ago

    According to the article, “Zimbabwe will always give preferential treatment to Chinese investors as they stood by the country during tough times”, Indigenisation minister Francis Nhema said.

    This leads me to believe that our politicians “in charge” of running the country actually believe that things are ok. Really? We are led by a bunch of morons with no clue about the economy or anything else, except looting of course.

  • comment-avatar
    John Thomas 8 years ago

    Poor old Francis does not have a clue. Go home chap. You are absolutely useless. Investors do not want to negotiate with you. You are a liability.

  • comment-avatar
    KIBBS 8 years ago

    Then the prick should go to China and stay there.

  • comment-avatar
    Zvichapera 8 years ago

    They stood by ZANU pf or Zimbabwe? You are a beggar Nhema, and you cannot chose. We are tired of your warped myopic thinking, the whole lot of you.
    THINK! THINK! THINK!!
    You THINK China would give Zimbabwe “preferential treatment” over US or EU when they are their biggest trading partners. You must take into account these 21st century Global dynamics.

    Do you think that these investors whom you decide NOT to give “preferential treatment” have no other investment destinations and portfolios? Zimbabwe needs these investors more they need Zimbabwe. THINK!!!
    To give resonance to my above assertion, Zimbabwe has been begging for money from China, Brazil and other countries to the tune of $9billlion to kickstart the ill fated ZimAsset. One company in US barely 10 years old, Facebook, has spent $19 biliion acquiring another company.
    Imagine the impact this amount of money would have on our economy if it was induced into our corruption riddled economy

    • comment-avatar
      Zvichapera 8 years ago

      You do not have the luxury of having a preferential investor list when FDI is minimal. It’s the other way round were investors have preferred investment destinations…..THINK!

  • comment-avatar
    zanupf fear me 8 years ago

    Its simple. Any new zim govt will just ignore zanupf era debts and criminal business arrangements. Let china Iran Malaysia Russia Singapore north Korea Cuba equatorial guinea Angola Congo squeal like stuffed pigs till the cows come home for their I’ll gotten plunder. Kikikiki

  • comment-avatar
    Roving Ambassador 8 years ago

    Nhema, go talk to Vietnamese or Koreans the will learn you more about Chinese. Vietnam ,poor as it is,you will still struggle to find Chinese products of note.

  • comment-avatar
    mujibha 8 years ago

    Nhema, i thaughty u were a wise guy yet u r one of those idiots, we r fighting corruption yet u r still in it. Can u pls tell us after all those yrs with chinese what did the country gain out of it? U silly idiot.

    • comment-avatar
      Parangeta 8 years ago

      We should worry about Zimbabwe’s future,
      when someone like mujibha writes
      the way he/she does – kindergarten stuff!

  • comment-avatar
    jobolinko 8 years ago

    so why worry about the west when you have your friends

  • comment-avatar
    masvukupete 8 years ago

    What a bunch of morons, preference really? I thought preference is used where one has a choice.

  • comment-avatar
    Petal 8 years ago

    Ho Ho Hoho HO! one day the skeletons will come out of the closet!

  • comment-avatar
    Michael Saruchera 8 years ago

    That is one problem of recycling fools, one fool goes and another more foolish enters.

  • comment-avatar
    Zim Patriot 8 years ago

    K, Nhema, so you saying EU who want to engage Zim shouldn’t and you should wait on Chinese, who don’t want to assist Zim? You also want investors to come through you, so you can get your cut? Eheh you are doing a very, very good job chasing investors and chasing jobs and chasing away our precious economy…..fools who love to pillage with narrow vision, that is why investors flocking to other African countries to maximize investment