Tuesday, March 30, 2010

Zim no go area: German business group

HARARE – A German business delegation has cancelled a visit to Zimbabwe, put off by Harare’s controversial plan to force foreign-owned firms to cede controlling stake to local blacks.

The German African Business Association (GABA) said the trip had been called off because Zimbabwe has become a “no go area” for foreign investors following promulgation of the empowerment laws that give foreign-controlled business up to 2015 to sell majority stake to indigenous Zimbabweans or face punitive levies and taxes from the government.“Under the current circumstances Zimbabwe is a 'no go' area for foreign investment,” said Andreas Wenzel regional manager for southern Africa for the GABA that was helping organise the visit. More...

No comments:

Post a Comment