News / National
Zimbabwe foreign firm seizures to go ahead: Mugabe
28 Mar 2011 at 07:39hrs | Views
President Robert Mugabe on Sunday told Western investors to accept a junior role in partnerships with local blacks or leave the southern African country as he vowed to press ahead with a controversial economic empowerment programme.
Speaking at the burial of one of his top allies at the National Heroes' Acre shrine in Harare, Mugabe any foreign investor wishing to set up shop in Zimbabwe must embrace the country's economic empowerment laws.
"We are saying now, we must take over our country, Those whites who want to be with us, those outsiders who want to work with us fine, they come in as partners we are the senior partner no more the junior partner," Mugabe said the burial of Harare governor David Karimanzira.
He said: "We are taking over, listen Britain and America this our country. If you have companies which would want to work in our mining sector, they are welcome to come and join us, but we must have our people as the major shareholders.
"Lonhro, Anglo American, Rio Tinto you must transform and become Zimbabwean, we want black people, our people, our young people. It's another dimension to the struggle. Let that lesson go deep."
In addition to Lonhro, Anglo American and Rio Tinto other large multinational corporations set to be affected by the indigenisation law include cigarette manufacturer BAT Zimbabwe, which is 80 percent British-owned; UK-controlled financial institutions Barclays Bank and Standard Chartered Bank and food group Nestlé Zimbabwe.
Analysts have warned that the company takeovers could scare away badly needed foreign investors may take flight and derail a nascent economic recovery.
Speaking at the burial of one of his top allies at the National Heroes' Acre shrine in Harare, Mugabe any foreign investor wishing to set up shop in Zimbabwe must embrace the country's economic empowerment laws.
"We are saying now, we must take over our country, Those whites who want to be with us, those outsiders who want to work with us fine, they come in as partners we are the senior partner no more the junior partner," Mugabe said the burial of Harare governor David Karimanzira.
He said: "We are taking over, listen Britain and America this our country. If you have companies which would want to work in our mining sector, they are welcome to come and join us, but we must have our people as the major shareholders.
"Lonhro, Anglo American, Rio Tinto you must transform and become Zimbabwean, we want black people, our people, our young people. It's another dimension to the struggle. Let that lesson go deep."
In addition to Lonhro, Anglo American and Rio Tinto other large multinational corporations set to be affected by the indigenisation law include cigarette manufacturer BAT Zimbabwe, which is 80 percent British-owned; UK-controlled financial institutions Barclays Bank and Standard Chartered Bank and food group Nestlé Zimbabwe.
Analysts have warned that the company takeovers could scare away badly needed foreign investors may take flight and derail a nascent economic recovery.
Source - Byo24News
