News / National
Zimbabwe to clarify indigenisation policy
20 Dec 2013 at 02:36hrs | Views
FINANCE Minister Patrick Chinamasa on Thursday said government was going to work towards clarity on policies including the Indigenisation Law which he said will have clarity "like never before."
Presenting what he called a policy based budget as the fiscal space remains limited, Chinamasa said government is working on escalating local participation in terms of ownership and management.
"Indigenisation laws are here to stay and there will be no amendments," he said.
He said resource based investments like mining will have the 51%/49% ratio with Zimbabwe's contribution being the resource that is being mined.
He also urged Zimplats, Unki and Mimosa to complete the agreements they signed with the empowerment ministry.
He however said for other sectors where the enterprise does not benefit from natural resources and raw materials the 51% is not available for free.
Companies will also be allowed to choose their own partners for as long as it is done during the agreed period, he said.
Chinamasa said locals will have to decide how and when they can finance their indigenisation stakes.
This means banks like Standard Bank's Stanbic, Old Mutual's MBCA and CABS and other foreign companies will not cede 51% ownership to indigenous Zimbabweans for free.
To build confidence in the economy, he said the use of the multicurrency system including the South African rand and the US$ will continue.
Presenting what he called a policy based budget as the fiscal space remains limited, Chinamasa said government is working on escalating local participation in terms of ownership and management.
"Indigenisation laws are here to stay and there will be no amendments," he said.
He said resource based investments like mining will have the 51%/49% ratio with Zimbabwe's contribution being the resource that is being mined.
He also urged Zimplats, Unki and Mimosa to complete the agreements they signed with the empowerment ministry.
Companies will also be allowed to choose their own partners for as long as it is done during the agreed period, he said.
Chinamasa said locals will have to decide how and when they can finance their indigenisation stakes.
This means banks like Standard Bank's Stanbic, Old Mutual's MBCA and CABS and other foreign companies will not cede 51% ownership to indigenous Zimbabweans for free.
To build confidence in the economy, he said the use of the multicurrency system including the South African rand and the US$ will continue.
Source - Agencies
