Zimbabwe

    Zimbabwe's government has proposed that "indigenous Zimbabweans" take 51 percent ownership of all foreign companies, including mines and banks, according to a draft law seen by Reuters last week. An official at the Chamber of Mines expressed surprise and concern at the proposed legislation, prepared by the Ministry of Youth Development, Indigenization and Empowerment. "We haven't seen the regulations but if what we've heard is true, then that's a step back," the official, who declined to be named, said. The draft regulations said indigenous Zimbabweans should hold a controlling interest in each foreign-owned business with an asset value above ZWD 500,000. Analysts believe that this would unsettle investors and could further damage an economy already ravaged by the collapse of commercial agriculture following President Robert Mugabe's seizure of white-owned farms since 2000. (Reuters)

    About the author