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| Finance Minister Tendai Biti |
WASHINGTON – The Zimbabwean government's drive to force foreign businesses to give 51% of their shareholding to locals will benefit the few black elite and must be reviewed, Finance Minister Tendai Biti said on Thursday.
The controversial so-called empowerment law is already being implemented in the mining sector, where South Africa's Impala Platinum was forced to hand over majority shareholding in its Zimplats unit to a state fund, employees and local communities.
Speaking at the Atlantic Center, a think tank and public policy group, Biti said while he agreed on the need for Zimbabweans to participate in the broad economy, the initiative being spearhead by President Robert Mugabe's ZANU-PF party would only benefit the black elite. Read more here...
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