Tsvangirai defends Zimbabwe’s Indigenisation laws

Home >> Business >> Tsvangirai defends Zimbabwe’s Indigenisation laws

Topix: , Tsvangirai, Zimbabwe, Government, Indigenisation and Economic Empowerment Act, March, MDC, Indigenisation Act, State, Higher Education Minister Stan Mudenge, Intellectual Expo

Tsvangirai defends Zimbabwe’s Indigenisation laws By Published on: 11th March, 2010 , ZIMBABWE – HARARE – Prime Minister Morgan , Tsvangirai has defended Zimbabwe’s indigenisation laws and regulations saying they promote the citizenry’s interests and must not scare away foreign investors. At a symposium on public-private partnerships yesterday, PM Tsvangirai said the policies would result in greater Zimbabwean participation in the economy. “I want to assure you that there is no intention on part of the , Government to undermine investment, but to promote broad-based indigenisation and empowerment. “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,” he said. Key statutory regulations of the , Indigenisation and Economic Empowerment Act were gazetted last month and became operational on , March 1. From this date up until May companies worth over US$500 000 should furnish Government with detailed plans on how they will conform with the legal requirement that Zimbabweans own 51 percent of the shareholding. After that they have five years within which to implement those plans. There have been attempts in some quarters to demonise the empowerment agenda and several , MDC figures have come out castigating the law that seeks to ensure Zimbabweans control their own economy. PM Tsvangirai, however, said Government was discussing how best to implement the law. “We are negotiating, discussing and not with the intention of getting rid of the Indigenisation Act, but how we can create an environment that allow local participation.” He said the idea was not to criminalise foreign investment.PM Tsvangirai decried the recent civil servants strike saying they must understand that Government had no money. “We can’t squeeze blood out of a stone and at this stage of the inclusive Government we have started on polarisation and this is not healthy,” he said. PM Tsvangirai said Zimbabwe should invest more in higher education to boost the economy and private sector participation was crucial. “Government is not abandoning its mandate of supporting the higher education sector by seeking partnership with the private sector but we are just sharing the responsibility. “Zimbabwe must continue to invest in human capital. It is that human capital that helps much to develop our economy but world over it proved that Governments could not achieve this alone,” he said. The PM bemoaned the deterioration of standards at , State universities. He said Government was supportive of the implementation of public-private partnerships that were properly instituted. Tertiary and , Higher Education Minister Stan Mudenge said the private sector was the largest consumer of university graduates and it should assist in nurturing students. He said Government would host an , Intellectual Expo where they would ask institutions of higher learning to display what they are doing.

Published: Thu, 11th Mar 2010
Source: zim NET radio