News / National
Nhema urges companies to comply with indigenisation
04 Oct 2013 at 15:50hrs | Views
THE Government will move swiftly to ensure that all companies comply with the requirements of the Indigenisation Act and expedite the release of outstanding funding under the Community Share Ownership Scheme/Trust (CSOS/T), a Cabinet Minister said.
The Minister of Youth Development, Indigenisation and Empowerment, Francis Nhema, said the indigenisation programme was there to unlock meaningful economic development and urged all stakeholders to support it.
The minister's remarks come at a time when there is concern over delays in the release CSOS/T funding in Matabeleland North province and continued defiance by Vumbachikwe Mine in Matabeleland South.
"The law is very clear on the issue of compliance with the indigenisation regulations so that every Zimbabwean can participate in the economy. As a Government we will work to ensure that all players in different sectors of the economy comply," said Nhema.
"A majority of the companies are willing to work with us and have realised the need to cooperate with the Government. We have cordial discussions with the companies and some have already given us their proposals on they would want to comply.
"We are also looking at the financial status of the companies bearing in mind their compliance timeframes are difference."
Nhema said his ministry would urgently engage companies that are participating in the CSOS/T in Matabeleland North and South provinces to honour their pledges in order to ignite community development.
To date participating companies in Mat-North have not released any funding 12 months after making the pledges when President Mugabe launched the programme in Hwange last year.
Pretoria Portland Cement (PPC), which operates in Gwanda and Umguza District, is the only company that availed $1 million for Umguza share trust.
"We are aware of that development and we will look at each case by case, see the challenges and take measures to make agreement. Those are the issues we want to address urgently.
"I do not think it is an issue of resistance. People are willing and we will work on it with relevant stakeholders."
The Minister of Youth Development, Indigenisation and Empowerment, Francis Nhema, said the indigenisation programme was there to unlock meaningful economic development and urged all stakeholders to support it.
The minister's remarks come at a time when there is concern over delays in the release CSOS/T funding in Matabeleland North province and continued defiance by Vumbachikwe Mine in Matabeleland South.
"The law is very clear on the issue of compliance with the indigenisation regulations so that every Zimbabwean can participate in the economy. As a Government we will work to ensure that all players in different sectors of the economy comply," said Nhema.
"A majority of the companies are willing to work with us and have realised the need to cooperate with the Government. We have cordial discussions with the companies and some have already given us their proposals on they would want to comply.
"We are also looking at the financial status of the companies bearing in mind their compliance timeframes are difference."
Nhema said his ministry would urgently engage companies that are participating in the CSOS/T in Matabeleland North and South provinces to honour their pledges in order to ignite community development.
To date participating companies in Mat-North have not released any funding 12 months after making the pledges when President Mugabe launched the programme in Hwange last year.
Pretoria Portland Cement (PPC), which operates in Gwanda and Umguza District, is the only company that availed $1 million for Umguza share trust.
"We are aware of that development and we will look at each case by case, see the challenges and take measures to make agreement. Those are the issues we want to address urgently.
"I do not think it is an issue of resistance. People are willing and we will work on it with relevant stakeholders."
Source - Byo24News
