Economic Empowerment Bill gets thumbs up

Stakeholders in Bulawayo, including small to medium enterprises (SMEs), have welcomed the Economic Empowerment Bill, which aims to replace the Indigenisation and Economic Empowerment Act with a new Economic Empowerment Act. The Bill is expected to create supportive structures for economic empowerment and stimulate the growth of start-ups and SMEs across both urban and rural areas.

Nketha Dlamini, coordinator of the Chamber of SMEs in Bulawayo, highlighted that the Bill will provide much-needed capital through a new fund, addressing the previous lack of investment opportunities for SMEs. Sarudzai Msimango from Lupane State University noted that the Bill addresses issues from the old Act, such as the contentious 51% vs. 49% share ownership, making it more attractive to international investors.

Ambrose Sibindi of the Zimbabwe Congress of Trade Unions praised the Bill for potentially attracting foreign investment, which was previously deterred by the old policy. Economist Stevenson Dhlamini emphasized that the Bill has the potential to redistribute wealth and empower marginalized communities, fostering a business-friendly environment and enhancing local ownership of production means.