'Zimbabwe will not close firms irrationally'

The National Indigenisation and Economic Empowerment Board says foreign firms will get time to work on outstanding areas relating to compliance with indigenisation requirements provided they submit their plans within the stipulated time.

NIEEB also said that there had been a notable increase in enquiries from companies seeking to beat the March 31 deadline to submit their indigenisation plans.

Foreign owned companies operating in Zimbabwe are required by law to ensure that at least 51 percent of their shares are held by indigenous Zimbabweans or State owned entities.

This law is informed by Government policy designed to empower the previously marginalised black majority and bring them into the mainstream economy.

NIEEB chief executive Wilson Gwatiringa said once a foreign owned company has submitted its proposal detailing its plans to comply or showing compliance, such a company would not need to worry.

"Once they do that they are okay because their plan will be under processing."