By Zivanai Dhewa

Minister of Finance and Economic Development, Professor Mthuli Ncube revealed that Government has scrapped the 51% Indigenisation law to attract more Foreign Direct Investment (FDI).

Speaking during an interview in New York with international media house, Bloomberg Surveillance, Minister Ncube said, “You can own 100% of any mining investment or any investment in Zimbabwe, that’s what is coming through in Zimbabwe. We are removing that indigenisation rule which is discouraging Foreign Direct Investment.  Zimbabwe is open for business and it can only be open if you are allowed to own 100% investment as a foreign investor.”

Prof Mthuli dismissed assertions that the new law was tantamount to selling the country to China.

“I think it’s fair to say that, Chinese investors have a big cheque and Africa has a huge infrastructure deficit, so it’s not surprising to see Chinese investors focus on infrastructure because that’s what they do all over the world and they are good at it and have big cheque books, but we are open to everyone frankly.

“Well, you know Zimbabwe is open for business, it means its open for anyone.  I’m here in the US, that’s been my message; in fact something progressive is happening. We have seen General Electrics for example, bid for building a huge power project on the Zambezi River which we are developing jointly with Zambia. In fact they are actually working on a Joint Venture with China to do that so we are open to business and we are open to anyone,” added Minister Ncube.

Zimbabwe is on record working on policies to improve the ease of doing business in order to attract more FDI into the country.  Zimbabwe has become the cheapest buy in Africa due to friendly investor policies introduced by the New Dispensation.