HomeBusinessKasukuwere says Korean investments safe in Zim

Kasukuwere says Korean investments safe in Zim

At a dinner hosted for the executives by the Zimbabwean delegation that was in the Asian country on a study tour, Kasukuwere said the empowerment of locals was meant to achieve a “win-win situation” for all stakeholders.


“The process of empowerment is not meant to stifle investments in the country, but to achieve a win-win situation,” he said.


“We want Korean investment and we will make sure that investments by Korean business people are protected.”


According to the Indigenisation and Empowerment Act, locals must have at least 51% shareholding in all foreign-owned companies operating in Zimbabwe.


The ministry has already concluded discussions with major mining houses and will now move to the manufacturing and financial sectors.


Kasukuwere was head of a Zimbabwean delegation that was in Korea to look at the success story of the Asian nation backed by locals and how its experiences could be replicated in Zimbabwe.


The delegation comprised State Enterprises and Parastatals deputy minister Walter Chidhakwa, National Indigenisation and Economic Board chairman David Chapfika and NIIEB chief executive officer Wilson Gwatiringa among others.


The delegation toured Korea’s small-to-medium enterprises, where it learnt how the sector was contributing to the growth of the economy.


Once one of the poorest countries in the world, Korea has transformed in four decades into one of the best countries in terms of economic development and is now spreading its tentacles across the world.


It has now set its eyes on Africa and hosts the Korea-Africa Industry Cooperation Forum annually.


On Wednesday, Korea pledged its support for Africa saying the continent faces a golden opportunity for development.


“As for Korea, supporting Africa’s development is an international obligation as well as a means of pursuing national interests,” said Deung Hun Chun, president of Korea Institute for Development Strategy.


He said the “virginity” of Africa should be the source of its future competitiveness and a blue print for sustainable development of global community.”


Korea is offering concessional loans to African countries as well as technical assistance through its Knowledge Sharing Programme.

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