News / National
Foreigners urged to tie up with locals in reserve sectors
15 Jan 2016 at 02:28hrs | Views
Foreigners operating in the reserve sector have to find local partners to comply with the indigenization law, Youth, Indigenisation and Economic Empowerment minister Patrick Zhuwao has said.
The Indigenisation Act stipulates that at least 51% shareholding in foreign-owned companies operating in Zimbabwe should be in the hands of locals.
According to the frameworks, procedures and guidelines for implementing the Indigenisation and Economic Empowerment Act, no non-indigenous businesses will be allowed to invest in the reserve sector unless under special cases as determined by the line ministries or approved by Cabinet.
Meanwhile, government has no role in business as it is supposed to be a policy facilitator and creator of a conducive environment for private capital to thrive, industrialist Adam Molai has said.
In addition to his CNBC remarks that Zimbabwe was open for business, the Savannah Tobacco executive chairman and shareholder recently told a gathering at his new Pepsi bottling plant venture that investment-starved destinations like Harare mustn't necessarily blame their woes on the state, but the private sector as it was the main economic driver.
The Indigenisation Act stipulates that at least 51% shareholding in foreign-owned companies operating in Zimbabwe should be in the hands of locals.
Meanwhile, government has no role in business as it is supposed to be a policy facilitator and creator of a conducive environment for private capital to thrive, industrialist Adam Molai has said.
In addition to his CNBC remarks that Zimbabwe was open for business, the Savannah Tobacco executive chairman and shareholder recently told a gathering at his new Pepsi bottling plant venture that investment-starved destinations like Harare mustn't necessarily blame their woes on the state, but the private sector as it was the main economic driver.
Source - newsday
