Zimbabwe to review laws blocking investment

via Govt to review laws blocking investment 14/05/2014 by Xinhua in NewZimbabwe

ZIMBABWE is open to review all the policies and legislations that hamper the inflow of much-needed foreign investment as the authorities plan to set up special economic zones, a cabinet minister said Wednesday.

Industry Minister Mike Bimha told Xinhua on the side-lines of a business forum hosted by Nestle Zimbabwe that the authorities were looking at all possibilities.

This included reviewing the indigenization law, which requires foreign businesses operating in Zimbabwe to cede majority share-holding to black Zimbabweans.

Critics blame the indigenization, which was enacted in 2010, for frightening away foreign investors.

The government has maintained that the law, as a cornerstone of the ruling party’s policy, would not be scrapped but will draft out different implementation approaches from sector to sector.

Bimha said successful experiences of countries including China which have set up special economic zones will be studied. He said the government is open to cooperation with any international partner to set up such zones in Zimbabwe.

“We are looking at areas that can bring value-addition and beneficiation, for example, value-addition and beneficiation for agricultural products and minerals,” Bimha said.

“And also businesses that can create a lot of employment.”

The idea of introducing special economic zones came at a time economic growth has become sluggish after five years of robust growth backed by the mining sector.

The economy expanded by only 3.4 percent in 2013, a marked reduction from more than the 10 percent growth registered in 2012.

Bimha said the location and policy incentives for the special economic zones have not yet been finalized.

 

COMMENTS

WORDPRESS: 9
  • comment-avatar
    matombo chiremba 8 years ago

    Hon Minister I don’t think you have the luxury of ‘studying’ the economic zones concept while the country burns, you have to make decisions – FAST!!!!

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    John Thomas 8 years ago

    Best economic policy – ZANU goes.

    • comment-avatar

      The ONLY economic policy – ZANU goes

      • comment-avatar
        ghettoman 8 years ago

        the solution for now is another GNU, zanu (poor finish)can only be removed by elections which we all know will only be held in 2018.

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    Gomogranny 8 years ago

    It is not the law blocking investment stupid! It’s the track record of the thieves calling themselves “Honorable Ministers”. Solution very, very simple. GETRIDOFTHETHIEVES and that means YOU Chinamasa.

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    kelly 8 years ago

    I feel like throwing up, so whose money are u upto grabbing next. We know things are not changing until the culprits are rooted out!!!! or should we wait for the day when the leopard changes its spots.

  • comment-avatar

    You are not going to remove this bunch of despotic thieves via dialogue or the ballot box…it’s just not going to happen. It can only be achieved through an intensive, planned forced removal, which if done with precision, would involve no lives being lost…there is NO other way!!!

  • comment-avatar
    jobolinko 8 years ago

    Economy stupid.

  • comment-avatar
    ngungu 8 years ago

    The strategy is keep the 51% law, just vary where you apply it. Tomorrow you might wake up and read in the papers that your business, exempted from the law yesterday, is now in the 51% sector. It’s a way of stealing to satisfy hangers on, damn the consequences to the country.