RSS 2.0 FeedNov 2009 Vol 14, Business , Financial and Property Indaba
Mugabe says no wholesome nationalisation of foreign companies
Zimbabwean President Robert Mugabe said Monday the country did not plan wholesome nationalisation but would insist on a 51 per cent stake in new foreign-led ventures.
Zimbabwean President Robert Mugabe said Monday the country did not plan wholesome nationalisation but would insist on a 51 per cent stake in new foreign-led ventures.
Local media quoted Mugabe, who is in Italy, as saying nationalisation would only be restricted to new foreign investment.
The Zimbabwean leader, who spearheaded a violent seizure of white-owned farms in the country, courted controversy last year when he said his government would now turn its attention to foreign-owned companies.
"We have not nationalised companies. We have many companies that are in the mining, agro-industry and manufacturing sectors. We will not nationalise them because that has not been our policy," Mugabe said.
"We have our indigenisation laws that say for all the (new) companies, at least 51 per cent of it must be locally owned. This is the law we should apply in respect of all the new investments in the country," he said.
"We have never offended against this pledge," he added.
