Zanu-PF to host business breakfast indaba

Zanu-PF Bulawayo province will this week host a breakfast business meeting with economic stakeholders to deliberate on issues relating to the establishment of an economic empowerment policy.

This follows Government's repeal of the Indigenisation and Economic Empowerment Act, which would be replaced with the Economic Empowerment Act in line with the Second Republic's thrust to attract foreign direct investment from across the globe.

Against this background, the revolutionary party's department of indigenisation and economic empowerment is reviewing the matter and seeks stakeholder input.

"The department is inviting you to its business breakfast meeting on Friday 6 September 2019. This will be an  interactive session in order to establish a broad-based economic empowerment policy in line with the new socio-economic order," former Industry and Commerce Minister and now Zanu-PF secretary for indigenisation and economic empowerment, Dr Mike Bimha, said.

He said the revised economic empowerment policy is intended to achieve wider benefits among them, job creation, poverty reduction, employment equity  as well as human capital attraction and retention.

Government through the 2018 Finance Amendment Bill amended the Indigenisation and Empowerment Act and has further removed platinum and diamonds from the reserve list with shareholding now dependent on negotiations with investors.  

This was after Government observed that Zimbabwe was failing to attract investors from across the world in different sectors of the economy largely due to restrictive nature of the indigenisation regulations.

Prior to the amendment, the Act demanded that foreign investors cede 51 percent shareholding to locals on all natural resource-related investments.