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Zimbabwe’s government has repealed a Robert Mugabe-era law forcing foreign-owned businesses to cede 51% of their shares to black Zimbabweans.
The country’s so-called “indigenization law” will be replaced with a new empowerment law.
Finance Minister Mthuli Ncube says under new guidelines, foreign investors will be allowed to take majority investments in diamond and platinum operations.
Former leader Robert Mugabe came up with the idea in 2008 as a means of creating more wealth among locals.
The repeal of the 2008 law is seen as a bid to attract foreign investment.
