Govt Says It Will Allow Foreigners To Invest In Local TV Companies

The government says it will allow foreigners to invest in local media companies to enable the sector to grow into a multi-billion dollar industry.

Current legislation bars foreigners from owning a stake in Zimbabwe’s broadcast sector.

Information, Publicity and Broadcasting Services Deputy Minister Kindness Paradza said foreigners will be allowed to control up to 40 per cent stake in media companies.

Paradza made the remarks while officiating at a Zimbabwe Online Content Creators (ZOCC) engagement with the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) in Kadoma on Thursday. He said:

We now want to create a multi-billion dollar industry, we are opening up. We want investors from outside to come and join hands with local ones so they invest in the media industry.

We are going to offer up to 40% ownership to foreign investors in the sector. This is at a time other countries are at 20%.

There is only one privately owned broadcaster, 3Ktv is airing in the country, but is only available to DStv subscribers. | NewZimbabwe.com

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