Zimbabwe Removes Indigenisation Rule To Encourage Investment

In an interview with Bloomberg, Zimbabwean Finance Minister Mthuli Ncube said they are removing the indigenisation rule which is discouraging investment.

Ncube said foreigners will be allowed to own 100% in a bid to revive investment. Said Ncube:

We are removing that indigenisation rule, which is discouraging foreign direct investment. We say Zimbabwe is open for business; you can only be open if you allow ownership of 100%.

In a separate interview, Mines Minister Winston Chitando said the new rules could be extended to diamond mining. Impala Platinum Holdings Ltd., one of the biggest mining investors in Zimbabwe, is waiting for formal announcements regarding the changes, said spokesman Johan Theron.

More: BizNews

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