HomeLocal NewsKorea blasts ‘retrogressive’ indigenisation policy

Korea blasts ‘retrogressive’ indigenisation policy

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SOUTH Korean Ambassador to Zimbabwe Lew Kwang Chul says the implementation of the Indigenisation Act was ill-timed as it was chasing away investment.

Report by Obey Manayiti, Staff Reporter

Presenting a public lecture at Africa University on South Korea’s economic development and its implications on Africa, the envoy said the indigenisation policy was doing more harm than good to the local economy.

His remarks came at a time when parties in the inclusive government have failed to speak with one voice over the empowerment drive, with Zanu PF vowing that there is no turning back in taking over a majority shareholding in all foreign-owned firms.

On the other hand, both formations of the MDC have castigated the Act saying it is prone to abuse by Zanu PF and called upon a halt of its implementation, describing it as retrogressive.

“I am not opposed to the policy itself and Zimbabwe should take full advantage of its natural resources which should be returned to the people. However, the timing of the policy is problematic at this moment to introduce and implement it fully. I actually don’t think it is wise at this moment,” said Lew.

“This could be time for Zimbabwe to bring in other investments. Investors are hesitating to bring bilateral investments because of that Act. Therefore, this is time to solve problems and not to seek more problems.”

He said African countries should take advantage of his country’s technological advancement and tap into it.

 

Good governance key to national success

LEW Kwang Chul said his country’s success, which is the fourth biggest economy in Asia and the world’s 15th largest, has been largely due to strong and efficient governance, competent economic planning, educated workforce and hardworking people.

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