Zimbabwe PM Tsvangirai Reiterates Opposition to Indigenization Program

Zimbabwe PM Tsvangirai Reiterates Opposition to Indigenization Program

Under the Indigenization and Economic Empowerment Act, foreign-owned firms must put 51 percent of their shares in the hands of black Zimbabwean investors - which critics say is drying up foreign direct investment

Ntungamili Nkomo
| Washington

Youth and Indigenization Ministry Legal Adviser Psychology Maziwisa told VOA reporter Ntungamili Nkomo that a 30 percent shareholding would be too little for local blacks

Zimbabwean Prime Minister Morgan Tsvangirai on Monday reiterated opposition to the ZANU-PF-driven indigenization or black empowerment program telling journalists in South Africa that even if foreign companies were only required to cede 30 percent of their equity to local investors, that threshold would still be too high.

Under the Indigenization and Economic Empowerment Act, foreign-owned firms must put 51 percent of their shares in the hands of black Zimbabwean investors. Critics say the program is driving investors away and weighing on the fragile economy.

Mr. Tsvangirai told reporters on the sidelines of an agricultural show in Johannesburg that the black empowerment law goes too far, especially for mining companies.

He was reiterating comments he made to a rally on Sunday in Marondera, Mashonaland East province, where he described the indigenization drive as a ZANU-PF project that his Movement for Democratic Change formation is “totally against.”

His party says it will soon unveil its own empowerment policy.

Mr. Tsvangirai added in Johannesburg that he expects elections to be held in the second half of 2012, not at the beginning as demanded by President Robert Mugabe.

But Youth and Indigenization Ministry Legal Adviser Psychology Maziwisa told VOA reporter Ntungamili Nkomo that a 30 percent shareholding would be too little for local blacks, who he says should have a controlling stake in the economy.

“Morgan Tsvangirai never ceases to amaze me,” Maziwisa said. “He always does the bidding for his Western master, but we don’t do things that way in Zimbabwe.”

Economist Godfrey Kanyenze commented that the entire indigenization project is skewed because the economic stakeholders were never consulted

Article source: http://www.voanews.com/zimbabwe/news/Zimbabwe-PM-Tsvangirai-Reiterates-Opposition-to-Indigenization-132000943.html

Share

Leave a Reply


Other News

  • FEATURED

    Veteran Zimbabwe Politician Urges ZANU-PF to Ditch Mugabe in 2012 Elections

    Veteran Zimbabwe Politician Urges ZANU-PF to Ditch Mugabe in 2012 Elections Nkala, in whose Highfield, Harare, home ZANU-PF was formed in 1963, charged that “cowboys, power seekers and fly-by-night politicians” have hijacked the party in pursuit of personal glory and financial gain Sandra Nyaira | Washington Veteran Zimbabwean politician and ZANU-PF founding member Enos Nkala has urged the party to drop President Robert Mugabe as its 2012 presidential candidate when it meets later this year for an annual conference, saying [...]

    Read more →
  • FEATURED

    Obama’s Zimbabwe Moment

    As the world focuses on events in the Arab world, and as dictators such as Muammar Gaddafi are overthrown, America’s first African-American president has a historic chance to deal with one of Africa’s most vicious despots — Robert Mugabe. Mugabe has imposed economic, financial, social and environmental ruin on his nation, and it is time to call an end to his reign of destruction. Since his election in 1980, Mugabe, now seventy-nine, has created a virtual “how-to” manual for national [...]

    Read more →
  • FEATURED

    Zimbabwe President, PM, Others Spend US$50 Million Traveling in September

    Zimbabwe President, PM, Others Spend US$50 Million Traveling in September Biti said he has no power to stop President Mugabe, Prime Minister Tsvangirai and other top officials from embarking on costly foreign trips, at times with large entourages receiving US$250 daily allowances Gibbs Dube Tatenda Gumbo | Washington Economist Eric Bloch says parliament is the only state arm that can rein in travel spending. Zimbabwean President Robert Mugabe, Prime Minister Morgan Tsvangirai and Cabinet ministers ran up a travel bill [...]

    Read more →
  • FEATURED

    Zimbabwe Indigenization Minister Shrugs Off PM Tsvangirai’s Criticisms

    Zimbabwe Indigenization Minister Shrugs Off PM Tsvangirai’s Criticisms ‘regrettable” that his economic empowerment program has been seized upon by some political parties as an election issue, this in apparent response to comments by Prime Minister Morgan Tsvangirai that his MDCformation “totally opposes” the indigenization drive which he characterized as a Zanu-PF scheme. Addressing a news conference in Harare Tuesday, Indegenization Minister Saviour Kasukuwere accused un-named political parties of Taking the Indegenization process as a campaign tool ahead of Elections that [...]

    Read more →
  • FEATURED

    Whites ‘delayed’ MDC growth: Tsvangirai

    A PERCEPTION that the Movement for Democratic Change (MDC) was a creation of disaffected white Zimbabweans “delayed the party’s growthâ€� and alienated it “within peer groups in Africa”, Morgan Tsvangirai says in a new book. Tsvangirai blames the “exaggerated transparencyâ€� of his white supporters for aiding Zanu PF “propagandaâ€� projecting the party as a front for powerful white interests. Following the party’s formation in 1999, Tsvangirai says “many whites, especially in rural Mashonaland, began to enquire about the role they [...]

    Read more →
  • FEATURED Zimbabwe: Deportations of Zimbabweans a Political Move

    Zimbabwe: Deportations of Zimbabweans a Political Move

    “Mwana washe muranda kumwe” is an old Zimbabwean saying which means that when one is a foreigners they are a nobody in the eyes of the host country and this rings true today as thousands of Zimbabweans face deportation from South Africa back to Zimbabwe. The South African government has decided to lift a moratorium on deportations of undocumented Zimbabweans who did not apply for legal status through the Zimbabwe Documentation Process (ZDP). Zimbabweans queue to apply for work permits [...]

    Read more →
  • FEATURED

    Campbell quits as Zim selector

    Harare - Alistair Campbell resigned as Zimbabwe’s head selector on Tuesday to focus more on his work as a commentator, saying there was a conflict of interest in holding both roles. Zimbabwe Cricket (ZC) said the former captain had stepped down as a selector immediately but would stay on as chairman of the national body’s cricket committee. Campbell will be replaced by former Zimbabwe wicketkeeper Wayne James, ZC said in a statement. James joins another former international, Kevin Curran, and [...]

    Read more →
  • FEATURED

    Zimbabwe: Will Thomas Mapfumo Come Back?

    Published by the government of Zimbabwe Fred Zindi 18 October 2011 opinion For the past two years rumours about Dr Thomas Mapfumo’s homecoming have been widespread. Latest rumours are that Zimbabwean Chimurenga musician Thomas Mukanya Mapfumo is expected in Zimbabwe before the end of the year. However, this is all hearsay. I spoke to Mapfumo recently and he expressed his fears of coming back to Zimbabwe and he referred me to his then manager, Allan Katz who was also fearful [...]

    Read more →