Categories: Zim Latest

Gvt to scrap indeginization policy on diamonds, platinum

The Zimbabwean government is working on scrapping the Indigenisation Act which restricts foreign shareholding in platinum and diamond ventures to 49% as the country seeks to attract foreign capital, Finance minister Mthuli Ncube has said.

“You can own 100% of any mining investment, any investment in Zimbabwe, that is what is coming through. We are removing that indigenisation rule, which is discouraging foreign direct investment (FDI). Zimbabwe is open for business. It can only be opened for business if you are allowed to own 100% of the investment as an investor,” he said.

Zimbabwe Miners’ Federation president Henrietta Rushwaya said what Ncube stated in his interview was a welcome development.
“This is a very welcome development. This will increase our FDI since more investors will come to invest in Zimbabwe and our imports will plummet, thereby increasing our GDP (gross domestic product) as a country. This also resonates well with our Zimbabwe is open for business mantra,” she said.Newsday

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