‘Amendment of Indigenisation Act opens investment floodgates’

PRESIDENT Emmerson Mnangagwa has hailed his government’s decision to amend the Indigenisation Act, saying the move had opened floodgates of foreign direct investments into the country.

BY BLESSED MHLANGA

Speaking at the official opening of the $50 million Aluminothermic plant at African Chrome Fields in Kwekwe, Mnangagwa said the country used to attract less than $500 million investments annually, but his administration had bagged $15 billion worth of investment commitments since it came into power last November.

“I am confident that the new commitment to protect investment has ensured the flow of investment into the country.

Over the past six months, we have investment commitments into the country of $15 billion,” Mnangagwa said.

He said ACF invested in Zimbabwe at a time other international investors were either fence sitting or shunning the country altogether.

“I want to commend ACF and the chairperson Zunaid Moti for their patience and persistence in investing in Zimbabwe at a time when there was low investor confidence,” he said.

The company’s national project liaison director, Ashraff Kaka, said their Kwekwe plant had the capacity to produce high grade chrome without using electricity.

“We will create an additional 100 jobs and we are looking to reach around 2 500 direct jobs with all our investments in the next four years as we expand investment into other areas,” he said.

ACF has poured in close to $200 million into the Kwekwe plant, creating 1 300 jobs and running 15 spiral wash plants across a 30km stretch of the Great Dyke.

Mnangagwa pleaded with the electorate to vote him back into office so he could complete his economic turnaround strategies.


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7 Comments

  1. the indigenization act does not empower local people.at local should have 15% in any project especially in mining.can you imagine a foreign company can come peg claims and list on stock exchange make millions and close shop.you will see this happening watch

  2. Comment… I seem to recall that although ED is waxing lyrical about the repeal of this Act the MDC for a long time was telling everyone who would listen that this Act was discouraging investment.For ED to gain political mileage for doing exactly what the MDC and other right thinking individuals and institutions have been calling for is a sad indictment of the level of our political maturity as Zimbabweans.If anything Tsvangirai and other same people have been vindicated as they were clear from the onset that the indigenisation laws,the chaotic and corrupt land reform programme, the isolationist policies,corruption and oppressive laws would ruin the economy.At that time all proponents for change in the ZANU PF way of politics were called stooges and puppets of white neocapitalism.Charamba wrote thousands of verbose articles in defence of that status quo.Today he shamelessly praises his boss for parroting what democrats have long considered as common sense but were vilified for.Wake up Zimbabwe!

    1. Every time we advocated for an open economy (capitalism) they described it as colonialism but today that’s the mantra this man is singing today.

  3. tinei ganyani

    ED chibaba akakwanisa kuona zvainge zvichimisa nyika kufamba under the leadership of Mugabe saka ndizvo zvaave kugadzirisa manje. handei tinomuvhotera apedzise basa raakatanga rekugadzirisa nyika

  4. Comment…@tinei ganyani, last Saturday, ED addressed a rally at Borrowdale that was predominantly white and he admitted policies such the land reform programme were made by the cabinet where he was the justice minister and not Mugabe alone. ED can divorce himself from the past but apologise and reform. He should stop talking about the new dispensation and G40 cabal as everybody knows ED was part and particle of the Mugabe administration for 37 years. He should stop trying to rewrite history. Pasi nejunta

  5. The truth is that as we speak now nothing has changed on paper. What ED is said and what ZIA has on paper are not the same. If you want to amend the law go ahead what’s stopping having a blue print of the changes. We have gone to ZIA several times he has not amended anything on paper

  6. ED ane chimugabelism inside him,we want to do away with mugabes. cash crises has gone from bad to worst

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