Zimbabwean President Robert Mugabe has told foreign firms to leave the country if they do not cede majority shares to local blacks, state media reported Thursday. "This is our policy. We do not hide it. We want empowerment of our people. Those who do not want, we say go now, if not yesterday," Mugabe said, the state-run Herald newspaper reported.
"The wealth must be exploited in the interest of our people." Mugabe was speaking at a function where Anglo American-owned Unki mine gave 10 percent of its shares to the community in the mining town of Shurugwi, about 300 kilometers (185 miles) south of the capital Harare.
Unki mine also donated $10 million to a trust fund, The Herald said. All foreign companies in Zimbabwe are required to cede 51 percent of their shares to local blacks under a law that has been criticised by investors at a time when the country is looking for foreign direct investment.
Most companies missed the September deadline to submit their empowerment plans but discussions are still underway between the government and several foreign firms. The indigenisation programme is at the centre of a dispute between Mugabe and Prime Minister Morgan Tsvangirai, who formed a coalition government more than two years ago. Tsvangirai has said the indigenisation drive will drive away foreign investment.
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