NEW INDIGENISATION LAW ATTRACTIVE TO INVESTORS
Written by Panashe Madzinga on April 26, 2018
Mines and Mining Development Ministry Permanent Secretary Munesu Munodawafa says the previous Indigenisation law heavily impacted on the growth of the mining sector.
The previous indigenisation law required that foreign firms must cede 51 percent of their share to locals.
Addressing the delegates at the Institute of Chartered Accountants of Zimbabwe (ICAZ) conference on the sidelines of the ongoing Zimbabwe International Trade Fair in Bulawayo, Munodawafa said the mining sector could not get the required capital due to the restrictive legislation.
Munodawafa said the amendment of the indigenisation act has led to the unlocking of new investments in the mining sector.