adminJOHANNESBURG. – Some foreign-owned private companies operating in Zimbabwe have dispelled the notion that doing business in the country was not conducive for such companies owing to the indigenisation law.
Speaking at an event in Johannesburg, South Africa, the companies dispelled sentiment that Zimbabwe’s indigenisation law aimed at empowering locals was prohibitive.
Officials from a number of companies from countries such as Canada, China, the United Kingdom, the United States and South Africa said they were operating in a conducive environment undeterred by such laws.
Several multinational companies, among them Huawei Technologies, Pick n’ Pay, Anglo American Corporation (AAC), Shoprite, PPC Cement, Sage Technologies, SAP and banks such as Barclays and Standard Chartered Bank are established businesses in Zimbabwe.
Caledonia Mining, which has an operation in Zimbabwe, said media was creating a perception aimed at demonising Zimbabwe.
Caledonia Mining Group Chief Executive Steve Curtis said the company was never threatened with seizure.
It was among the first companies to comply with the law that compels foreign-owned firms to sell a majority stake to indigenous Zimbabweans.
“We are an example of a growing business going around, telling the world how peaceful Zimbabwe is.
“Our company is listed in Toronto, Canada, but we complied with the local indigenisation law yet we keep recording growth,” Curtis said.
He said Blanket Mine disposed of its 51 percent of its shares to the black communities without threatening its operations and expansion projects.
The companies’ positive sentiments regarding the indigenisation laws follows concern such legislation was having a negative impact in Zimbabwe’s drive to attract foreign investors. – CAJ News.
Online Reporter