Foreign firms must embrace equity to do business in Zimbabwe: Mugabe


HARARE–Zimbabwe 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 Sunday at the burial of a party cadre at the national shrine. The equity laws took effect in March last year and require 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 could now do things on their “own” adding that the investors must come only on Zimbabwe’s terms.