Zimbabwe: Company Assets

Part of the debate – in the House of Lords at 3:21 pm on 10 October 2007.

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Photo of Lord Malloch-Brown Lord Malloch-Brown Minister of State (Africa, Asia and the UN), Foreign & Commonwealth Office, Minister of State (Africa, Asia and the UN) 3:21, 10 October 2007

My Lords, we understand that, regrettably, the Indigenisation and Economic Empowerment Bill, which requires the transfer of at least 51 per cent of foreign-owned companies to indigenous Zimbabweans, will become law shortly. We are certainly in favour of an environment in which Zimbabwe business and business people can prosper, and it is important that all Zimbabweans can benefit from the natural mineral and other resources available in Zimbabwe; but the indigenisation Bill will discourage foreign investment from investing and remaining in Zimbabwe. It will not ease the country's economic crisis. I can assure the noble Lord that we are keeping in touch with British companies in Zimbabwe and discussing their concerns.