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Indigenisation should be clear

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Zimbabwe should clarify its indigenisation law to investors as it is a good policy that must benefit the people and the economy, Euromoney conference director for emerging markets Richard Banks said yesterday.

Banks told a Press conference in Harare that the economy had experienced stability in the past three years, but now required growth.

“People I have spoken to have different interpretations to what the law says,” he said.
“There is a little bit of legal confusion over the precise meaning and the implementation.

“I fully respect the right of Zimbabweans to enact legislation on whatever they want, but what precisely does it mean?

“I think the government needs to clarify it and clear the grey areas.”

He said there was nothing that is in the investment law that could stop investment from flowing into the country.

“I believe it’s a good policy and investment should benefit the economy and people,” he said.

Banks said investment was a competitive market and there were 200 countries in the world looking for investment and offering incentives.

He said Zimbabwe’s economy was moving slowly in the right direction.

“It’s moving slowly in the right direction, but it’s not moving too fast and that’s the reason there is a lot of changes that people in Zimbabwe want to make.” Banks said.

The country will today hold the second Euromoney investment conference in Harare.

Banks said Zimbabwe presented a lot of opportunity for investors.

Speakers at today’s event will include Finance minister Tendai Biti, Deputy Prime Minister Thokozani Khupe, Minister of Economic Planning and Investment Promotion Tapiwa Mashakada, director of Euromoney conferences Christopher Garnett, Emerging Capital Partners chief investment officer managing director Andrew Brown, founding partner African Century Jonathan Chenevix Trench, Institute of Directors UK chief economist and director Graeme Leach, AICO Africa group chief executive officer Patrick Devenish, World Bank Zimbabwe African Development Bank lead economist Damoni Kitabire.

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