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Zim equity: new investors may be exempt

Sep 20 2012 09:48 Malcom Sharara - Fin24's correspondent in Harare

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Harare - Zimbabwean Indigenisation Minister Saviour Kasukuwere has said that there are 144 pieces of legislation in the country that undermine the empowerment process.

Speaking at the National Indigenisation and Economic Empowerment Board consultative meeting, Kasukuwere said it was necessary to review legislation to harmonise it with the indigenisation law.
 
The ministry of economic planning, headed by minister Tapiwa Mashakada, is in the process of drafting amendments to the Zimbabwe Investment Authority Act, which will include a clause that will exempt new foreign investors from indigenisation.
 
Kasukuwere said he was currently in discussion with Mashakada over the issue.  
 
He said that the empowerment policy was clear but the Global Political Agreement had its own challenges, adding there was a need for the ministry to redouble its efforts and “dig deeper and bite more”.
 
Kasukuwere said indigenisation was not an event but a process, which the government had given a five-year timeframe.

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zimbabwe  |  indigenisation
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