Tanzanians now want to follow Zimbabwe's indigenisation policy

 All the African countries should adopt Zimbabwe's indigenisation policy. In fact, this is what should have happened at independence so they are already 40 years too late.  Had African countries wrested control of their economies from Western hands, they would have saved the lives of many of their citizens now dying in droves off the Spanish coast  because they would have been able to provide them with jobs. Not to mention the millions that have already died from famine, malnutrition, useless wars, etc.  African people are the only group on the planet who allow their economies to be wholly owned by foreigners.  What they forget is that foreigners promptly send their money back to their countries,  instead of investing in and developing Africa. It's time to put a stop to this state of affairs.  Let's hope that more African countries begin to come to their senses and follow Zimbabwe because it is still better late than never. Hort

Tanzanians back Zim’s indigenisation policy

Business Reporter
12/07/08

Zimbabwe’s efforts to empower indigenous people by giving them control of mineral resources has received support from Tanzanian businesspeople. The Tanzanian business community is now advocating for the enactment of laws similar to Zimbabwe's Mines and Minerals Act that seeks to empower locals by ensuring that foreign owned mines cede 51 percent shares to indigenous people.

According to media reports in Tanzania, the Confederation of Tanzanian Industries said the Government must emulate Zimbabwe and introduce similar legislation since the bulk of profits from that country's mines were being repatriated. CTI said giving a certain percentage of ownership to indigenous people would empower Tanzanians.

The business representative body noted that despite a huge growth in the mining sector, the Government was only retaining two percent of the proceeds with 98 percent being repatriated by the foreign owned mining conglomerates. Tanzania's mining sector, rich in diamond, gold and gemstone, has rapidly grown to become the country's leading growth sector in the past five years. The confederation's concerns follow the introduction of a free and 100 percent profit repatriation by foreign corporations to woo investors into the country.

In Zimbabwe, the Government said it would move forward with acquisition of shares in foreign owned companies. A board that will spearhead the programme will be announced soon. The move is part of the Government's 100 percent empowerment and total independence programme. Many African countries, although they have attained political independence, still struggle economically despite having large minerals deposits.