President Robert Mugabe's government introduced a bill yesterday to give Zimbabweans majority ownership of foreign companies, a move critics say will deepen an economic crisis. | Not much gets past these critics, I tells ya. |
When If passed, it will would give the government sweeping powers over how foreign companies, including mines, operate in Zimbabwe.
Indigenisation and Empowerment Minister | My shiny new business cards are at the printers: Indigenisation and Empowerment Minister |
Paul Mangwana told parliament the bill would create an environment that would increase the "participation of indigenous people in Zimbabwe".
Critics said it was reminiscent of President Mugabe's controversial policy of seizing white-owned farms to give to landless blacks, which many say triggered the current economic crisis. Foreign companies in Zimbabwe include British American Tobacco, Barclays Bank, BP, Shell, Ernst & Young, Price Waterhouse and Coca-Cola. Economic commentator Eric Bloch said: "What remains to be seen is how vigorously they are going to implement it, but it's certainly going to discourage investors." | I'm not an investor, and I'm plenty discouraged. |
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