MinBane

I write what I like.

Zimbabwe amends indigenization law (Youtube-clip 26.12.15)

“Zimbabwe has eased the terms of a controversial law that forces foreign companies to cede a majority stake to local investors. The move now signals an attempt to shore up the country’s moribund economy that has been on a downturn for more than a decade now.The amendments now allow foreign entities to hold majority stock in business up to five years with an exception of up to 20 years in the energy sector. Existing foreign-owned companies may also continue to operate in all sectors of the economy but shall be required to pay an indigenisation compliance levy as a trade-off for non-compliance. The Indigenization and Economic Empowerment Act of 2007 law was an initiative by President Robert Mugabe to benefit Zimbabwe’s majority black population disadvantaged by colonial rule” (CCTV Africa, 2015).

Advertisements

Single Post Navigation

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: