Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Zimbabwe to tone down contentious investment law - Mugabe

07 October 2016, 12:32

Harare - Zimbabwean President Robert Mugabe on Thursday said he planned to tone down contentious "indigenisation" legislation which in its current form obliges foreign companies to hand over most of their shares to local investors.

"The relevant act will be amended to bring it into consonance with enunciated policy," Mugabe said at the opening of parliament, without going into detail.

In March, Zimbabwe threatened to close all companies that failed to comply with the legislation, passed in 2008.

But a few weeks later, Mugabe tried to reassure foreign investors, saying several sectors, notably banks, would be exempt from the most stringent stipulations of the law, which has been blamed for shutting off desperately needed foreign investment.

The government says the aim of the law is to empower the majority black population who were disadvantaged by colonial rule.

Critics say it has benefitted Mugabe's allies.

Worsening economic crisis 

In parliament on Thursday, Mugabe bemoaned a worsening economic crisis that has sparked a spate of nationwide protests in recent months.

The protests prompted the police to ban street protests in the capital.

"Our economy faces a number of challenges which include subdued aggregate demand, liquidity constraints, high interest rates, subdued foreign direct investment and limited fiscal space.

"As a consequence, the economy registered a gradual decline with estimated growth for 2016 now projected at 1.2%," he told lawmakers.

Mugabe said among the bills to be debated during the upcoming parliamentary session was one to ease the registration of new investments and another to combat cybercrime.

Political activists have expressed fear the latter could be invoked against anti-government activists who have turned to social media to circumvent harsh security laws prohibiting gatherings without police authority.

Before setting out his legislative agenda Mugabe jokingly wondered aloud whether he had the "right speech", a self-deprecating reference to an incident last year where the president read through an entire speech in parliament, not realising that he had given the same address a few weeks earlier.



Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...