Govt to revise Indigenization law?

Mangoma was quoted in the Prime Minister Newsletter saying that there is need to revise the law that strips investors of 51 per cent of their investments. Commercial Farmers Union of Zimbabwe (CFU) described the law as racist, while economists have warned that the regulations will only chase away the much needed foreign investment. Economist John Robertson said: “The idea is destructive for the two main reasons that existing investors will loose interest in their companies so most of these enterprises will soon start going downhill, and that new

investors will be persuaded to take their technologies and their money to almost anywhere other than Zimbabwe.”

According to Mangoma, not everyone in Government subscribes to the racist legislation and there are calls within cabinet for the revision of the law which spells doom for the recovery of the country emerging from a decade of economic ruin. “We are talking now of revising the regulations. This means that people will see that not everyone in government supports the regulations. We are not there to do the worst that investors fear and we are talking of stopping it,” said Mangoma.