Zimbabwe Amends Indigenization Law
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Zimbabwe Amends Indigenization Law

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Added by Headlines Africa in Zimbabwe
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Zimbabwe has eased the terms of a controversial law that forces foreign companies to cede a majority stake to local investors. The move now signals an attempt to shore up the country's moribund economy that has been on a downturn for more than a decade now.The amendments now allow foreign entities to hold majority stock in business up to five years with an exception of up to 20 years in the energy sector. Existing foreign-owned companies may also continue to operate in all sectors of the economy but shall be required to pay an indigenisation compliance levy as a trade-off for non-compliance. The Indigenization and Economic Empowerment Act of 2007 law was an initiative by President Robert Mugabe to benefit Zimbabwe's majority black population disadvantaged by colonial rule.

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