Harare - Zimbabwe's Ministry of Indigenisation and Economic
Empowerment is in the process of
fine-tuning the country’s Broad Based Economic Empowerment policy (ZBBEEP).
According to the first draft of the ZBBEEP seen by Fin24,
the ministry is reviewing the national economic empowerment policy framework,
which aims to guide Zimbabwe over the next 30 years (2013-2042).
The draft says the main purpose of the new 30-year policy
framework is to provide a national framework to ensure inclusive, broad based,
pro-poor and gender sensitive wealth and massive employment creation, equality
and overall poverty reduction, within the context of a growing and dynamic
“The main goal of the ZBBEEP is to accelerate over a 30-year
period (2013-2042) the inclusive and broad based economic empowerment of
“In this regard, the ZBBEEP framework will create and
strengthen the environment for all Zimbabweans to participate in sustainable
economic growth and development,” extracts from the draft point out.
Some of the objectives of the ZBBEEP framework include the
eradication of extreme poverty and the reduction of total consumption poverty
from 80% in 2013 to single digit by 2027 and thereafter.
The framework also aims to ensure economic empowerment
through broad based and inclusive economic expansion with formal businesses in
all sectors increasing from 10 000 in 2013 to 60 000 by 2027, mainly through
the growth of small and medium enterprises (SMEs).
Another target of the framework is to increase domestic
investment from $7m in 2013 to $3bn in 2027, and to around $15bn by 2042, in
line with the envisaged economic expansion.
Foreign direct investments (FDIs) are also targeted to reach
$1.5bn in 2027 from $105m in 2013.
Some of the guiding principles of the ZBBEEP framework are:
approach, pursuing equity and equality concerns to underpin the economic
empowerment policy framework in Zimbabwe.
on broad-based economic empowerment will eventually lead to the indigenisation
of the Zimbabwean economy.
of more wealth (expanding pie concept), within a dynamic economy underpins
successful economic empowerment.
the conditions that created exclusion, and create conditions that facilitate
inclusiveness in the mainstream economy.
provision of infrastructure economic enablers such as energy, water, transport
and information and communication technology (ICT).
confidence and maintaining a positive image of the country.
macroeconomic stability so that wealth creation can meaningfully take place.
dynamic business models and productive work ethics.
empowering rural communities, women and the youth and vulnerable groups (e.g.
people with disabilities).
economic empowerment is everybody’s business in Zimbabwe, and this will start
by all development plans at all levels including economic empowerment
components. Each sector and level will be empowered to drive the ZBBEEP.
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