Zimbabwe’s President to lenient the disputable foreign company law
President Robert Mugabe of Zimbabwe is planning to weaken the foreign company law the provisions of which puts obligations over the foreign companies to give most of their shares to black Zimbabweans.
This law has been the major obstruction in the course of investment.
Though, the law has never been fully exempted and as per President – many sectors of the economy are exempt, but it has been blamed widely, including but not limited to the IMF for the failure of the economy.
Zimbabwe has threatened all companies in march to close them down if they did not comply with the legislation, passed in 2008 before they later said that banks would be exempt.
According to the government, the main aim of the law is to emancipate the majority black population who were disadvantaged by colonial rule.
According to the critics, it has benefitted the President’s allies.
While speaking at the commencement of the parliament, Mr. Mugabe also ensured the discussion of a bill on cybercrime.
The government has faced several of protests in recent months, because of the failure of the economy.