Mugabe in major climb-down on indiginisation policy

The controversial indiginisation law will be amended as the Zimbabwe government is climbing down on its hard-line policy which is seen as driving away foreign investment, President Robert Mugabe said Thursday in parliament.

In April, Mugabe openly admitted that conflicting interpretations of the Indigenisation and Economic Empowerment Act had caused confusion among current and existing investors.

 "It will be recalled that I issued a statement to clarify government's position regarding the Indigenization and Economic Empowerment Policy on 11th April, 2016" said Mugabe.

"The relevant Act will thus be amended to bring it into consonance with enunciated policy,".

Zimbabwe has been lagging  in attracting foreign direct investment due to poor rankings on the ease of doing business and structural issues in the economy largely blamed on the controversial indigenisation policy.