In 2000, former president Robert Mugabe’s government seized land from about 4,000 white farmers to resettle landless black, leading to Zimbabwe’s economy collapsing and strained relations with the West.
But under an investment policy guideline released by new president Emmerson Mnangagwa on Thursday, Zimbabwe is keen to resolve the thorny issue.
“To ensure equitable compensation, the government of Zimbabwe is considering a number of measures including the establishment of a special ad-hoc tribunal based on international good practices to determine, amongst others, the value of compensation payable and modalities for payment,” read part of the Investment Guidelines and Opportunities document.
The government will also amend the controversial Indigenisation and Empowerment Act to ensure certainty for investors. The law, passed in 2008 compelled foreign companies to transfer at least 51 shares to black Zimbabweans.
Finance Minister Patrick Chinamasa in 2018 national budget confined the law to platinum and diamond mining.
“For these two sectors, the Ministry of Mines shall be charged with developing a bill and regulations to create a no-discretionary legal and regulatory regime.” read the statement.
The government is also ready to dispose shares in several companies under its Industrial Development Corporation of Zimbabwe, including, Zimglass, Chemplex, Zimchem and Motec Holdings.Post published in: Featured