Mugabe says Zimbabwe open for business

Zimbabwe is open to investment and the country's empowerment policy is not meant to expropriate shares held by foreign-owned companies, President Mugabe has said.

Officially opening the 55th edition of the Zimbabwe International Trade Fair here on Friday, the President said indigenisation had been subject to "misrepresentation and misinterpretation", with some people claiming it was meant to seize foreign-owned businesses.

In his address at celebrations to mark the country's 34th Independence anniversary in Harare on April 18, the President said the Indigenisation policy was not cast in stone and foreigners can hold majority shareholding in any enterprise, depending on the nature of their investment.

The President said the illegal Western sanctions on Zimbabwe were undermining government's efforts to create an environment ideal for doing business.