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Zimbabwe: Mangwana Calls for Clear Economic Vision
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 Published by the government of Zimbabwe |
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The Herald (Harare)
24 March 2008
Posted to the web 24 March 2008
Harare
The Minister of State for Indigenisation and Empower-ment Mr Munyaradzi Paul Mangwana says Zimbabwe needs to attract foreign direct investments and repatriate skills as part of the economic recovery vision.
Speaking at a Press conference in Harare last week, Mr Mangwana said that for Zimbabweans to achieve this there has to be a clear economic vision that the nation and the international community can rally behind.
"The current economic environment calls for sharp-witted people who have the ability to identify opportunities within the economy," he said
He said despite the economic challenges, the country was endowed with a lot of wealth which was still to be tapped and could be used given the high intellectual capacity in the country. The minister called on genuine foreign investors to join Zimbabwe in investing in the abundant natural resources of the country and plough back some of the profits into the community
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Mr Mangwana said indigenous investors should look to the Equity law, which is meant to benefit the majority of Zimbabweans who were discriminated against by the colonial Government. According to the new law, investment by foreigners will not be approved unless a controlling stake is reserved for locals. The minister said that the Government would use discretion to allow foreign companies to own more than 51 percent shareholding.
The law also provides for the establishment of an economic empowerment board to give loans to locals intending to acquire shares, start businesses or expand existing ventures.
President Robert Mugabe gave his seal of approval last week to the Indgenisation and Economic Empowerment Act, which requires locals to own a 51 percent stake of in any foreign owned entity.
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