Business / Economy
Mugabe's government will not budge on 51% shareholding
23 Aug 2013 at 03:31hrs | Views
Zimbabwe will continue to implement the controversial indigenisation policy, President Robert Mugabe said in his inauguration speech on Thursday.
Mugabe said his government will seek to give indigenous Zimbabweans 51% shareholding in all business ventures.
He said the country will welcome foreign partners who are willing to accept the remaining 49% stake.
The president said he will not allow a situation where capital, expertise and technology are given more value over natural resources.
He said the new government will correct the current situation were Zimbabwe is a net importer of finished goods and a net exporter of raw materials.
The president lamented the demise of the cotton production sector as well as the manufacturing sector.
He said development in the country had been stalled by bickering in the inclusive government, adding that squabbles was now a thing of the past.
He also promised civil servants and university students improved conditions.
Mugabe said his government will seek to give indigenous Zimbabweans 51% shareholding in all business ventures.
He said the country will welcome foreign partners who are willing to accept the remaining 49% stake.
The president said he will not allow a situation where capital, expertise and technology are given more value over natural resources.
He said the new government will correct the current situation were Zimbabwe is a net importer of finished goods and a net exporter of raw materials.
The president lamented the demise of the cotton production sector as well as the manufacturing sector.
He said development in the country had been stalled by bickering in the inclusive government, adding that squabbles was now a thing of the past.
He also promised civil servants and university students improved conditions.
Source - fin24
