Mugabe: Foreign firms must treat Zim as ‘senior partner’

President Robert Mugabe on Sunday told foreign investors to embrace Zimbabwe’s equity laws and treat Zimbabweans as “senior partners” if they wanted to operate in his country.

“Those whites who want to be with us, those outsiders who want to work with us fine, they come in as partners, we are the senior partner, no more the junior partner,” Mugabe said on Sunday at the burial of a party cadre at the national shrine.

“We are taking over. Listen Britain and America: this our country. If you have companies which would want to work in our mining sector, they are welcome to come and join us, but we must have our people as the major shareholders,” he added.

The equity laws took effect in March last year and requires large foreign corporations to give majority stakes to local shareholders.

“Lonhro, Anglo American, Rio Tinto you must transform and become Zimbabwean, we want black people, our people, our young people. It’s another dimension to the struggle. Let that lesson go deep,” Mugabe said.

Mugabe said Zimbabweans can now do things on their “own”.

“We can get them [foreign investors] as friends just as we got the Easteners such as the Chinese, Indians and others, but they come as friends not as our masters and superiors,” he said.

The empowerment law has raised divisions in the coalition government with Mugabe’s former long-time rival, Prime Minister Morgan Tsvangirai, who has said that the new legislation scares off investors.

The empowerment law has also raised concerns from foreign investors who have operations in the country, while others have said the 51% must be revised downwards.

Some of the foreign firms operating in the country include British Petroleum, Total, Chevron, Barclays Bank, Standard Chartered and platinum giant Zimplats. – AFP

We make it make sense

If this story helped you navigate your world, subscribe to the M&G today for just R30 for the first three months

Subscribers get access to all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.”

Related stories


Already a subscriber? Sign in here


Latest stories

Hlophe goes to court to prevent his suspension

He argues in court papers that the JSC’s advice to the president to suspend him is a violation of the Superior Courts Act

South Africa’s murder rate up 11.5% in the first quarter...

In the same period 9 516 rape cases were opened with the South African Police Service

Has activism won? Jay Naidoo reflects on the loss of...

From the early frontier wars against colonialism to the struggle against apartheid and in recent times the fight for economic equality, the culture of activism has evolved. But can it still be effective in bringing about change?

Let the number games begin

Monarchy tussles may disrupt my football but at least the rules for the ANC’s national games have been set

press releases

Loading latest Press Releases…