Zimbabwe: Zanu-PF's Indigenisation Policy Distorted - President Tsvangirai

press release

One of the biggest challenges that have faced the inclusive government since 2009 is the policy discord as manifested in the infamous Zanu PF sponsored Indigenisation and Economic Empowerment Act (IEEA), President Tsvangirai has said.

He said the somewhat aggressive and clumsy implementation of IEEA has created the impression that investors are an unwanted lot in Zimbabwe and that indeed has been the heaviest impediment to investment in the country. The tragedy is that Zanu PF wants to project itself as uncompromising in defending the masses even if it means fighting business and bringing the economy down. Unfortunately, this stance has become hostile to foreign investors.

"The challenges we faced largely arose from policy discord especially around indigenisation. It would appear the Government was split with Zanu PF going with its so called indigenisation plan which scared away investors.

"The policy discord affected investor confidence in the country because of the manner in which indigenisation was implemented. It created so much discord," the President said.

President Tsvangirai further pointed out that there was need for the country to prioritise its economic programmes for the benefit of the majority of people of Zimbabwe. "We hope the nation will be able to set the real priorities when we come to economic empowerment which we all subscribe to." President Tsvangirai said.

He explained that IEEA as advanced by Zanu PF was discordant and out of sync with global economic standards and this presented a serious threat to domestic and foreign investment. President Tsvangirai bemoaned the policy discord created by Zanu PF as manifest in the manner in which the indigenisation programme was being implemented.

He said the manner in which the programme was being run was subject to manipulation theft and corruption by a few Zanu PF fat cats and their cronies and this was bound to affect investor confidence. "One of the biggest challenges that faced the inclusive government is to do with policy discord as manifested in the infamous Indigenisation and Economic Empowerment Act (IEEA) which is sponsored by Zanu PF.

"The somewhat aggressive and clumsy implementation of the IEEA, since 2010 has created the impression that investors are an unwanted lot in Zimbabwe and that indeed has been the heaviest impediment to investment in the country" president Tsvangirai said.

The President further noted that Zanu PF wanted to project its self as the champion of the people's cause and was even risking the economic well being of the nation and the people they purported to serve by killing existing industry as well as scaring away those that want to come and do business here and create employment

"The tragedy is that Zanu PF wants to project itself as uncompromising in defending the masses even if it means fighting business. Unfortunately this stance has become hostile to foreign investors," he said.

President Tsvangirai further singled out the selective application of the law as scaring away investors. He said the selective application of the law impacted negatively on the tenets on rule of law. "In the MDC we have always not been happy about the selective application of the law mirrored

by the Glen View activists' arrests and denial of bail to some of them. The perception that there is selective application of the law does not bode well for a government that is crying to instil a sense of rule of law," President Tsvangirai said.

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