News / National
Zimbabwe revises indigenisation guidelines
04 Jan 2016 at 18:08hrs | Views
The government has agreed on the guidelines for the implementation of the Indigenisation and Economic Empowerment Act which brings clarity and reaffirms the fact that the country is open for business.
The guidelines were crafted under the guidance of the Acting President, Phelekezela Mphoko.
The Ministries of Finance and Economic Development as well as Youth, Indigenisation and Economic Empowerment in consultations with the Reserve Bank of Zimbabwe have announced the refined frameworks for the indigenisation implementation.
The new framework is set to enhance compliance and boost investments.
Youth, Indigenisation and Economic Empowerment Minister Patrick Zhuwao says now that the country has clarified the position, government does not expect affected companies to remain defiant and non-compliant.
"As we move forward, the emphasis is on implementation of the indigenisation law, starting with the submission of the indigenisation implementation plan which every company affected should submit as soon as possible, but no later than 31 March 2016," said Zhuwao.
Finance and Economic Development Minister Patrick Chinamasa describes the raft of measures as key in the turnaround of the economy, adding the robust debate prior to the pronouncement of the guidelines was necessary for a more polished product.
"Robust debate took place and this is how it should be for the development of a much improved product. The guidelines should be viewed a milestone in the turnaround of the economy," Chinamasa said.
RBZ Governor Dr John Mangudya noted that the new guidelines should be testimony to both local and foreign investors that Zimbabwe is open to business.
"I have in my previous statement pronounced that 2016 is going to be a transformative year. The new guidelines clearly show that Zimbabwe is ready for business," said Dr Mangudya.
The guidelines on the implementation of the Indigenisation and Economic Empowerment Act provide several possible pathways that businesses may adopt to achieve compliance.
The guidelines were crafted under the guidance of the Acting President, Phelekezela Mphoko.
The Ministries of Finance and Economic Development as well as Youth, Indigenisation and Economic Empowerment in consultations with the Reserve Bank of Zimbabwe have announced the refined frameworks for the indigenisation implementation.
The new framework is set to enhance compliance and boost investments.
Youth, Indigenisation and Economic Empowerment Minister Patrick Zhuwao says now that the country has clarified the position, government does not expect affected companies to remain defiant and non-compliant.
"As we move forward, the emphasis is on implementation of the indigenisation law, starting with the submission of the indigenisation implementation plan which every company affected should submit as soon as possible, but no later than 31 March 2016," said Zhuwao.
Finance and Economic Development Minister Patrick Chinamasa describes the raft of measures as key in the turnaround of the economy, adding the robust debate prior to the pronouncement of the guidelines was necessary for a more polished product.
"Robust debate took place and this is how it should be for the development of a much improved product. The guidelines should be viewed a milestone in the turnaround of the economy," Chinamasa said.
RBZ Governor Dr John Mangudya noted that the new guidelines should be testimony to both local and foreign investors that Zimbabwe is open to business.
"I have in my previous statement pronounced that 2016 is going to be a transformative year. The new guidelines clearly show that Zimbabwe is ready for business," said Dr Mangudya.
The guidelines on the implementation of the Indigenisation and Economic Empowerment Act provide several possible pathways that businesses may adopt to achieve compliance.
Source - zbc
