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Zimbabwe has failed to attract investors – Tsvangirai
Published: March 12, 2010
Harare(ZimEye)-Prime minister Morgan Tsvangirai says Zimbabwe’s coalition government has failed to attract investors.
Tsvangirai (pictured) told people witnessing the official launch of a Crisis in Zimbabwe Coalition report on torture that investors would only come into the country when the nation has a permanent and legitimate government.
“As long as we continue to have a coalition government we wont receive investors because investors view the government as Mugabe regime.
We must all know that no investors are interested in investing in a transitional government because they know there is no guarantee for their investment,” he said.
“As the Prime minister I am not opposed to the Indigenization act which was unilaterally declared but I want to view it at a broader base where everyone benefits as opposed to the current situation on which it is premised,” he added.
The Indigenisation Act which was promulgated by the Minister of Youth and Indigenisation Saviour Kasukuwere, took effect on the 1st March.
The law has been viewed with mixed feeling by politicians and economists. Politicians from MDC say the law is likely to scare away investors while those from ZANU-Pf say it is aimed at empowering the black Majority.
The issue of black empowerment has been abused by the former ZANU-PF government as it was used to empower people on partisan grounds. (ZimEye, Zimbabwe)
4 Comments on "Zimbabwe has failed to attract investors – Tsvangirai"
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Mike Furusa on Fri, 12th Mar 2010 11:07 am
The PM has made a swift U-Turn on the indegenisaiton Act – How come? What is the meaning of this?
DAVID GOTO on Fri, 12th Mar 2010 12:11 pm
PRIME Minister Morgan Tsvangirai has launched a surprise defence of Zimbabwe’s indigenisation laws, just weeks after calling them “null and void”.
Backpedalling from his earlier position on the controversial law which requires foreign-owned firms to cede majority shareholding to locals, Tsvangirai told a symposium in Harare that the policy was “in the best interests of the people of Zimbabwe”.
“I want to assure you that there is no intention on the part of the government to undermine investment, but to promote broad-based indigenisation and empowerment,” Tsvangirai was quoted as saying at a conference on public-private enterprise partnerships on Thursday.
He added: “Sometimes investors get alarmed when a policy is announced without clarification, but I want to assure you that the policy is in the best interests of the people of Zimbabwe.
“The policy intends to enhance local participation and, of course, not the enrichment of a few people.”
Tsvangirai furiously hit out when the government published statutory regulations of the Indigenisation and Economic Empowerment Act 2008 last month, saying he had not been consulted.
The regulations, which took effect on March 1, compel foreign-owned firms with assets of over US$500,000 to draw up plans of ceding 51 percent shareholding to “indigenous Zimbabweans” by May.
These companies then have five years to conform with the law.
On February 2, Tsvangirai declared: “I am in charge of all policy formation in the cabinet and neither myself nor the cabinet were shown these regulations before they were gazetted.
“They were published without due process detailed in the constitution and are therefore null and void.”
President Mugabe later vowed there would be no retreat. “This law will enable us to examine every large company in the country and determine whether the ownership principle has been observed,” Mugabe said. “If not, then 51 percent must come to our people.”
The new law could affect companies including Anglo Platinum, Impala Platinum and Aquarius Platinum, three of the world’s four biggest producers of the metal, which all own mines in the country. Old Mutual, Africa’s biggest insurer, owns properties and an insurance operation in the country. Bank operations include Barclays and Stanbic.
donkey dhongi on Fri, 12th Mar 2010 12:15 pm
l will not speak,mozotizve vana dhongi vanotaurisa ,2moro this 2moro that uripapi chaizvo chaizvo,why cant u stick to one side kwete left right centre north east south ,regai ndiende kunomwisa madhongi angu mvura zvangu ,zvekutaura handichada,plus nhasi ifriday
son on Fri, 12th Mar 2010 1:55 pm
mike Furusa,usanetseke nekubvunza twakawanda kurasika uku kwa PM chematama.hinga vanhu vakabva kudhara vachingotaura kuti munhu uyu ari kurasika wani