26 June 2014

Zimbabwe: No Indigenisation Law Changes, Nhema

INDIGENISATION minister, Francis Nhema said Thursday he was not making any amendments to the country's indigenisation laws as the cabinet continues to give conflicting signals over the policy.

The controversial legislation forces foreign companies to hand over 51 percent to locals and critics say the policy is unsettling existing investors and scaring away prospective ones.

Last month Finance Minister Patrick Chinamasa told legislators that Cabinet had approved the realignment of laws, including the indigenisation regulations, to policies meant to attract investment into the country.

Responding to questions by legislators Thursday, Nhema said he had not amended the law.

If there was need to do so, it would have to be discussed and agreed in government before any changes were brought to Parliament.

"I have not done anything related to that (amendment). I never said I wanted to amend the law. When we decide to amend it, we will let you know and bring it before Parliament," he said.

"If we haven't reached that stage I cannot say. If we analyse the law and if it's okay we will not amend it. If there are areas to be amended then we will have to agree and bring it to Parliament.

"At the moment we are still analysing it and have not yet agreed as government on the amendments."+ /

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