Indigenisation not investment barrier: Zhuwao
LOCAL businesspeople are deliberately scaring away potential investors by falsifying reports as a business strategy to continue maintaining monopoly in the line of business, a Cabinet Minister said.
Youth, Indigenisation and Economic Empowerment Minister Patrick Zhuwao told delegates at a business meeting in Bulawayo on Friday that contrary to the belief that the indigenisation policy was an investment barrier, there were individuals who travel outside the country to spread falsehoods so as to protect their business investments.
“These businesspeople are doing well and do not want any competition so they fly out of the country to lie and say the country is not investment friendly as a business strategy. If you check with the airlines, the most expensive route being the Harare-Johannesburg one, it is always full with people going out of the country to protect their interests locally,” said Minister Zhuwao.
He said people were also spreading falsehoods on social media although significant efforts are being done to address public opinion.
Minister Zhuwao castigated those people saying serious people do not do business on WhatsApp and businesspeople should refrain from believing all the false messages that circulate portraying the country in bad light.
Minister Zhuwao expressed these sentiments after one of the delegates at the meeting asked about the Egodini or Basch Bus Terminus project. The delegate said messages on WhatsApp were saying the project had been suspended after Government had blocked the investment that has the potential to create more than 1 000 jobs in the city.
In response, Bulawayo Mayor Councillor Martin Moyo said the reports were false as the $60 million project was still in place with the cadastral surveying process being conducted. Cadastral surveying is the subfield of surveying that specialises in the establishment and re-establishment of real property boundaries. It is an important component of the legal creation of properties.
“Compensation and notices for businesses that occupy space at the terminus have been agreed on. Civil engineering firm Terracotta has also been given the go ahead to display the contractor’s banner. Initially we had a concept as the local authority, the plans were not the actual plans but Terracotta has submitted to our engineers the correct plan for corrections. The project will happen, we are not losing that investment and there is nothing shady about the deal,” said Clr Moyo.
Meanwhile, Minister Zhuwao said his ministry was done with the amendments to the indigenisation policy and it was now in the process of being made into law.
“It is actually not true to say that we are taking too long to amend the law because it has to be aligned with other laws and consultations must be made with other line ministers. The amended policy has the clarifications made by President Mugabe in April on the law and to see the highest office taking its time to clarify a law shows how seriously we take investment in this country,” he said.
Addressing delegates at the same meeting SA-Zim Business Connect president Mr Justice Maphosa said it was now time for diasporans to give back to the country by investing back home.
Mr Maphosa who is a Zimbabwe-born SA-based businessman said Zimbabweans living abroad have a duty towards their country.
“We are not here to grandstand but we are here because Zimbabwe needs us. There are lots of opportunities for investment here from South African businesses and we are here to get the necessary information needed as there are concerns about issues of land rights, the bond notes and the indigenisation policy,” said Mr Maphosa.
The SA-Zim business meeting was also attended by representatives from SA-Zim Business Connect, Reserve Bank of Zimbabwe, Ministry of Industry and Commerce and captains of industry.
A Memorandum of Understanding was also signed between the SA-Zim Business Connect and the Zimbabwe National Chamber of Commerce to pave way for collaboration and promotion of business investments between the two countries.
Mr Maphosa described the MoU as a relationship of goodwill.