Mugabe vows to take over foreign firms

Published on Wednesday 2 March 2011 16:41

Zimbabwean president Robert Mugabe yesterday threatened a state-backed takeover of foreign firms and a boycott of products in retaliation for western sanctions against him and his Zanu-PF party.

The European Union and United States have imposed a travel ban and financial sanctions on Mr Mugabe and his allies over suspected human rights abuses spanning more than a decade, as well as election fraud.

"It is now time to take action. Indigenisation and empowerment should start with those companies. We must take them over. We are not ashamed of that," Mr Mugabe told thousands of supporters at an outdoor rally in the capital, Harare.

He called for a boycott of foreign products, though the country is not a major revenue generator for most foreign firms.

"If we know that some of them have products which we are buying, including foodstuffs, before we seize those companies, we can boycott their products," he said.

He has said previously Zanu-PF will nationalise firms from countries that have imposed sanctions, arguing they cannot operate freely while western powers "punish" his party.