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Harare's Plan For 'Indigenization' Of Businesses Meets With Skepticism

Zimbabwe President Robert Mugabe's cabinet this week tabled in parliament the so-called Indigenization and Economic Empowerment Act providing in effect for the nationalization of all companies and the redistribution of shareholdings.

The bill, published in the government Gazette, states that it “seeks to create an enabling environment that will result in increased participation of indigenous people in Zimbabwe in the economic activities of the country.”

Harare's move to take control of all firms including banks and mines, is reminiscent to many observers of the land reform program on which Harare embarked seven years ago - and which many blame for the country’s current economic crisis.

Reporter Ndimyake Mwakalyelye of VOA's Studio 7 for Zimbabwe looked at what the legislation proposes - and the generally skeptical response to the initiative.

More reports from VOA's Studio 7 For Zimbabwe...