The Sunday Mail
Lincoln Towindo – Sunday Mail Reporter
Norway’S Ambassador to Zimbabwe, Mr Bard Hopland, says Harare’s indigenisation policies conform to international practices that advocate for 100 percent indigenous natural resource ownership.
Mr Hopland, whose country has a similar resource ownership model, said the approach, though often misunderstood, would eventually succeed.
The Norwegian government holds maximum equity in that country’s vast gas and oil reserves on behalf of citizens, with foreign investors only coming in as partners.
Norway is now among the most vibrant mainland European countries and has by far the world’s largest Sovereign Wealth Fund at nearly US$1 trillion.
Speaking last week on Star FM radio programme The Hub, Ambassador Hopland said: “We have had the same kind of discussions in Norway with regard to ownership of oil and gas. The basic political objective has been exactly the same: we want to own the natural resources. Natural resources should be owned 100 percent by the Norwegian people.
“But you have to leave enough for international companies to stay interested in doing investment. This is because we are totally dependent on foreign investment and we are also dependent on foreign expertise and technology.”
He went on: “I think Zimbabwe is quite right when they state that natural resources should be owned by the country and the people of Zimbabwe. The technicalities of these things are very complex and very difficult.
“I think any nation would take time to grasp all the details of this very complex international industry.
“So, I don’t think it should come as a surprise to anyone that this should take time.
“I’m quite sure Zimbabwe will be able to establish a legal system which guarantees foreign investments in the natural resources sector, which will ultimately benefit the people of Zimbabwe. I am very optimistic about that.”
Zimbabwe introduced the Indigenisation and Empowerment Act in 2008 to ensure locals hold 51 percent equity in foreign-owned ventures.
Authorities have made it clear that natural resources such as land and minerals should retain total indigenous ownership.
