Government evaluates indigenisation policy

The government is evaluating the indigenisation and economic empowerment policy to ensure that it achieves its intended goals.

The proposed plan aims at ensuring that locals will also have access to long term loans to take part in key productive sectors.

The Minister of Youth, Indigenisation and Economic Empowerment, Chris Mushohwe, told the ZBC on the sidelines of a stakeholders meeting in Harare that   findings from the audit review process will enable stakeholders to solve challenges affecting local business people in expanding their project portfolios.

"We are taking stock of the indigenisation policy as we seek to ensure that it can positively impact on the socio-economic aspects of the nation. We shall do our best on that initiative," said Mushohwe.

Under the Indigenisation and Economic Empowerment Act, foreign-owned firms with a minimum threshold of US$500 000 are to cede a 51 percent shareholding to locals.

The government has also revealed that it will next year review the country's indigenisation policy to increase foreign direct investments.