shingai-mutasa.jpgLocal business leaders say foreign investors should not be deterred by the Indigenisation and Empowerment Law since it is a tool which will strengthen local capacity thereby ensuring that investments are not short lived.

 

The indigenisation debate took center stage at the recently held capital markets symposium in South Africa with investors seeking clarification on the basic tenets of the empowerment law and how it will be implemented.

T.A holdings chairman Mr. Shingi Mutasa said Zimbabwe is destined to be one of the top three leading economies in Africa with vast opportunities waiting to be explored in telecommunications and rail infrastructure highlighting that the regulatory environment should not curtail any serious investors.

“Investors should ask themselves ,can I make a return on the capital. I’m going to invest in Zimbabwe, My answer is a resounding yes,” said Mr. Mutasa.

chris mutsvangwa 18.08.10.jpgsecurities commission ceo alban chirume edit.jpgAmbassador Christopher Mutsvangwa said investors who have developed a skeptical view of Zimbabwe’s investment opportunities due to the indigenisation law, risk losing out on the current resuscitation drive in the country.

 
Securities Commission of Zimbabwe Chairman, Mr. Alban Chirume said the investing in the country is not much different from other countries with empowerment laws.

The Indigenization and Empowerment Act of 2008 requires companies with an asset threshold of US$500 000  to have 51% local ownership.

 

Thirteen committees set up under the National Indigenisation and Economic Empowerment Board are currently working on recommendations to  the government on the minimum net asset value which businesses are required to comply with, time frames for complying with regulations and strategies , to overcome barriers and challenges to indigenisation in the various sub sectors.