News / National
'Chinese not immune to Zimbabwe indigenisation laws'
21 Jan 2015 at 13:48hrs | Views
Chinese investors, despite the cordial relations between their country and Zimbabwe, are not immune to Zimbabwe's indigenisation laws, Information, Technology and Courier Services Minister, Supa Mandiwanzira has said.
Zimbabwe's Indigenisation laws compel foreign owned firms with a minimum shareholding of $500 000 to cede majority shareholding to locals.
The policy has been blamed for scaring away potential investors and at the same time lacking clarity and consistency. Mandiwanzira made his remarks after a meeting with Chinese Ambassador to Zimbabwe, Lin Lin at his offices in the capital today.
He said that the governments of China and Zimbabwe were working on
bringing more Chinese investors into the information and communication technology sector to the Southern African country but said the Asians would not be exempted from complying with indigenization laws.
"I think that position is outlined in the law. The law is implemented on the basis of the law. You do not adjust a law to suit specific individuals. If you adjust it, it must be for everybody else but I think the Chinese will find us very receptive when they come to invest here," said Mandiwanzira.
He said that Zimbabwe would continue solidifying its relations with China in a bid to revive the country's falling economy. This is despite criticism from analysts that China has benefited more at the expense of Zimbabwe and at the same time failed to create employment in the country.
"We would like to open more opportunities for Chinese companies to come into Zimbabwe and invest and we are hopeful this will come with job opportunities. If you want to be successful these days, you have to learn to play with the Chinese," said Mandiwanzira.
Chinese Ambassador to Zimbabwe, Lin Lin said his country was exploring more areas of cooperation with Zimbabwe in the information and communication technology sector.
"We are looking at the possibility of training Zimbabwe's young generation in the ICT sector. I will try to encourage Chinese companies operating here to start training Zimbabwean youths and we are also trying to encourage the companies to do their own investments here," said Lin.
He said plans were underway to implement programmes that would see Zimbabwean students studying in China paying special rates at universities.
Zimbabwe's Indigenisation laws compel foreign owned firms with a minimum shareholding of $500 000 to cede majority shareholding to locals.
The policy has been blamed for scaring away potential investors and at the same time lacking clarity and consistency. Mandiwanzira made his remarks after a meeting with Chinese Ambassador to Zimbabwe, Lin Lin at his offices in the capital today.
He said that the governments of China and Zimbabwe were working on
bringing more Chinese investors into the information and communication technology sector to the Southern African country but said the Asians would not be exempted from complying with indigenization laws.
He said that Zimbabwe would continue solidifying its relations with China in a bid to revive the country's falling economy. This is despite criticism from analysts that China has benefited more at the expense of Zimbabwe and at the same time failed to create employment in the country.
"We would like to open more opportunities for Chinese companies to come into Zimbabwe and invest and we are hopeful this will come with job opportunities. If you want to be successful these days, you have to learn to play with the Chinese," said Mandiwanzira.
Chinese Ambassador to Zimbabwe, Lin Lin said his country was exploring more areas of cooperation with Zimbabwe in the information and communication technology sector.
"We are looking at the possibility of training Zimbabwe's young generation in the ICT sector. I will try to encourage Chinese companies operating here to start training Zimbabwean youths and we are also trying to encourage the companies to do their own investments here," said Lin.
He said plans were underway to implement programmes that would see Zimbabwean students studying in China paying special rates at universities.
Source - zimbabwean
