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...
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