Zimbabwe President Mugabe wants 100 percent local control of economy

Harare, June 30 (Xinhua-ANI): Zimbabwe President Robert Mugabe on Friday said the country wants 100 percent control over the economy by local people while foreigners come in as partners.

Mugabe said Zimbabwe must get the lions share from the exploitation of its natural resources, arguing the 51-49 percent ownership model was no longer acceptable as it was leaking the country. Foreigners benefits must be minimal, around 10 percent, he stressed.

He said this when addressing his ZANU-PF party's central committee.

Zimbabwe's Indigenization and Economic Empowerment Act, passed into law over three years ago, says that Zimbabweans must be majority shareholders with a minimum of 51 percent in major companies across the economy.

"It is a leakage, the 49 percent. Now we want the 100 percent to remain in the country," Mugabe said, reiterating that Zimbabweans must be in control of the economy while foreigners come in as partners.

"That is why we are talking of ownership and not mere participation. We are no longer inviting outsiders to come and do business for us, we want to do business ourselves. Outsiders must come as participants, as workers or as employees. Even if they come as companies, we hire them to do our own business," he added.

Mugabe said Zimbabwe with the highest literacy rate on the African continent Zimbabwe had trained enough people to be able to run the economy. He however said there appeared to be a "lack of zeal" among locals to run the economy.

He said professionals in various fields must form ventures that will participate in different sectors of the economy.

Mugabe said after successful conclusion of the land reform program, it was now time to venture into other sectors to empower locals.

He said the West had adopted covert means to take over control of the continent's resources. "They also use, subvert and twist international law and even twist the charter of the United Nations, " he said.

Mugabe said the West was also using 'gullible' African leaders in pushing forward their agenda.

He warned members of his party to be wary of being used in the quest to take over Africa by the West. (Xinhua-ANI)